Hansard (LSE: HSD) falls after dividend slashed, and Tanfield (LSE: TAN) slumps after IPO is pulled.
The FTSE 100 (UKX) rose in early trading as mining stocks staged a brief recovery, but it fell back to sit pretty much at the level it closed yesterday -- it's currently just six points down, on 5,849 points.
But while the FTSE might not be doing much, individual shares in the various indices are heading up and down. Here are three that are falling today...
Hansard Global (LSE: HSD) crashed by 10p (8.5%) today to 108p after the firm confessed what many had been fearing -- its forecast 12% dividend yield is not sustainable.
After revealing full-year profits that fell to £11.2m, from £16.5m last year, the investment provider did go along with a full-year dividend of 13.9p per share, but pointed out that in the past two years it has paid out £16m more than it generated in cash -- and next year it intends to slash the dividend to 8p per share, which is still a hefty 7.4% yield on the current price.
Battery-powered vehicle specialist Tanfield Group (LSE: TAN) slumped by 19.7p (38.6%) after it announced that a planned flotation by part-owned Smith Electric Vehicles Corp is off. After Smiths failed to find sufficient interest to generate a big enough investment, it has decided to seek private financing elsewhere.
Tanfield shares soared earlier this year and reached a peak in April before sliding back, but had been recovering again of late -- until today's fall, which has put them 20% down on the past 12 months.
Globo (LSE: GBO) reversed its recent trend by falling 6.6% today to 24.75p, on the release of its first-half report. The mobile technology specialist reported a 29% rise in revenues to €25.2m, with pre-tax profit up 85% to €5.9m and earnings per share up 56% to 1.4 eurocents.
Despite that, the shares are down after having gained around 40% since May, but they're still down on their April peak. Current forecasts put the shares on a year-end price-to-earnings (P/E) ratio of under 9, and if 2013 profits prove accurate, that should drop to 6.
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> Alan does not own any shares mentioned in this article.