In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to rebound from yesterday's selloff. At the time of writing the benchmark index is up 2.2% to 5,113.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Challenger Ltd (ASX: CGF) share price is down a further 7% to $5.10. Today's decline may be due to a broker note out of Credit Suisse this morning. In response to its guidance revision on Monday, the broker has retained its neutral rating but slashed the price target on the annuities company's shares down from $9.40 to $5.40.
The Estia Health Ltd (ASX: EHE) share price has crashed 7.5% lower to $1.18 after the aged care provider withdrew its guidance for FY 2020. Although none of its home have been impacted by the coronavirus at this point, management is concerned about the heightened uncertainty surrounding the potential future impact of the virus. The company advised that it continues to monitor the COVID-19 situation closely and is planning for any further escalation.
The G8 Education Ltd (ASX: GEM) share price has fallen 4.5% to 82 cents. Investors appear concerned that this childcare centre operator could be hit hard if centres are forced to close due to the coronavirus outbreak. Especially given its sizeable debt. At the end of FY 2019 G8 Education had a net debt of $347 million.
The Unibail-Rodamco-Westfield (ASX: URW) share price has crashed a massive 28% lower to $4.27. Investors have been selling the shopping centre operator's shares on Tuesday after it revealed that many of its shopping centres in Europe have been closed due to the coronavirus outbreak. Centres have been closed in countries in central Europe including France, Spain, Poland, Austria, the Czech Republic, and Slovakia.
