it could be poo, or it could be the coral expelling excess zooxanthellae.
how long have you had the coral? have you recently moved it into higher lighting? have you moved it into lower lighting? changed light bulbs? has it eaten lately......
if it hasnt eaten (least likley in my mind), then its probably expelling excess zooxanthellae, expulsion can be from moving, the result is expelling excess zooxanthellae that it no longer requires due to a shift in the internal population (aka too many zooxanthellae, or the wrong type for the conditions. Some zooxanthellae does better in low light, some in high light, as conditions change so does the resident populations of zooxanthellae.
There are over 80 different strains of symbiotic dinoflagellates from at least four orders and seven genera {Borneman, 2001} that contribute to coral photosynthesis, depending on present conditions) the coral will expell excess zooxantellae as needed for survival/adaptation. some times extreme cases are seen in bleaching corals due to adverse circumstances, though I do not think this is the case here as you did not say your coral is bleaching. it sounds like normal adaptation to me. I have seen it many times from my various euphyllias