In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from its early declines and is up a solid 0.4% to 5,736 points.
Unfortunately not all shares have been able to follow the market higher today. Here’s why these four have dropped lower:
The ALS Ltd (ASX: ALQ) share price has fallen almost 3% to $7.60. Yesterday a research note out of Credit Suisse revealed that its analysts had upgraded the testing services company’s shares to an outperform rating with a $7.80 price target. This caused its shares to jump over 8% and breach its price target. I suspect today’s decline is the result of profit taking.
The Bubs Australia Ltd (ASX: BUB) share price has tumbled almost 7% to 27.5 cents. Much like ALS, I think today’s decline is likely to be down to profit taking as well. After all, the infant formula and baby food company’s shares are up 90% in just the last five trading sessions.
The Newcrest Mining Limited (ASX: NCM) share price has dropped 2.5% to $20.47. This morning the leading gold miner provided an update on its Cadia East operation. Following remediation and upgrade work required after a seismic event in April, ore extraction tests have commenced today. Testing is expected to take two to four weeks, with the total restart costs estimated to be around $25 million.
The SKYCITY Entertainment Group Limited-Ord (ASX: SKC) share price has fallen 4% to $3.89. The gaming company’s shares appear to have tumbled on news that long-serving director and chairman Chris Moller intends to retire. The board has decided unanimously to invite Rob Campbell to take over from Mr Moller on 1 January 2018.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool contributor James Mickleboro has no position in any 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 Bruce Jackson.
- Xero (ASX:XRO) share price on watch after launching US$600 million notes offering – November 24, 2020 6:17pm
- Santos (ASX:STO) share price on watch following Narrabri Gas Project approval – November 24, 2020 5:49pm
- MyDeal (ASX:MYD) share price jumps 7% but tipped to go even higher – November 24, 2020 5:31pm