In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on form again and pushing higher. At the time of writing the benchmark index is up 0.7% to 5,424.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
The James Hardie Industries plc (ASX: JHX) share price has fallen 2% to $19.85. This decline appears to have been driven by a broker note out of Credit Suisse this morning. It has downgraded the building materials company's shares to a neutral rating and cut the price target on them to $21.50. It believes there is a risk that building activity could decrease materially.
The Liquefied Natural Gas Ltd (ASX: LNG) share price has crashed 36% lower to 7.4 cents. Following the recent failure for LNG-9 to gain funding, the company has notified Liquefied Natural Gas that it is withdrawing its takeover bid. Liquefied Natural Gas also advised that it has existing cash reserves to meet all of its commitments until May 2020. As a result, it warned that it must secure additional meaningful funding urgently to continue operating beyond then.
The Mesoblast limited (ASX: MSB) share price has tumbled 7.5% to $2.31. This appears to have been caused by profit taking after a stellar gain this month. Prior to today's decline, Mesoblast's shares were up over 65% since the start of April. This gain has been driven by the company's progress towards trialling a COVID-19 treatment for ARDS patients.
The Westpac Banking Corp (ASX: WBC) share price is down 0.5% to $15.88. This morning the banking giant announced expected new and increased provisions (excluding impairment provisions) and asset write-downs. These provisions total approximately $1,430 million after tax and will reduce its first half FY 2020 cash earnings and statutory net profit after tax accordingly. The release advises that a provision of $1,030 million after tax is related to the AUSTRAC proceedings and its response plan.
