In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has returned from the Christmas break in fine form. At the time of writing the benchmark index is up 1.2% to 5,559.5 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are sinking lower:
The Audio Pixels Holdings Ltd (ASX: AKP) share price is down 4% to $22.00. I suspect that profit taking is weighing on the digital speaker developer’s shares today after a strong gain this month. Its shares have been on a tear since it announced the achievement of three major technological breakthroughs. Management believes these breakthroughs demonstrate the progress the company has made towards delivering its “breakthrough technology” to the market at long last.
The Domain Holdings Australia Ltd (ASX: DHG) share price has fallen almost 1.5% to $2.19 despite there being no news out of the property listings company. On Monday Domain’s shares sank to a 52-week low due largely to concerns that the cooling housing market is going to stifle its growth in FY 2019.
The Speedcast International Ltd (ASX: SDA) share price is down 4.5% to $2.88. On Christmas Eve the provider of remote communication and IT solutions announced that it now expects underlying EBITDA of US$130 million to US$135 million in FY 2018. This compares to previous guidance of US$135 million to US$145 million and guidance of ~US$155 million before that.
The Virgin Australia Holdings Ltd (ASX: VAH) share price is down almost 3% to 18 cents after oil prices surged higher overnight. According to Bloomberg, the WTI crude oil price climbed 7.7% to US$45.79 a barrel and the Brent crude oil price pushed 7.3% higher to US$54.15 a barrel. Investors may be concerned that OPEC’s cuts will be enough to increase oil prices further, potentially causing a rise in fuel prices for the airline operator.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
