In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it two consecutive days of gains. At the time of writing the benchmark index is up 0.4% to 6,270 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Bega Cheese Ltd (ASX: BGA) share price has given back yesterday’s gain and fallen 4.5% to $7.66. The foods company’s shares rose strongly on Wednesday after it announced the $250 million acquisition of the Koroit Facility in Victoria owned by Murray Goulburn. A note out of UBS this morning reveals that it has retained its buy rating and $7.90 price target, but that hasn’t been enough to keep some shareholders on board.
The Northern Star Resources Ltd (ASX: NST) share price has dropped almost 3% to $6.95. Today’s decline could be attributable to a note out of Credit Suisse. That note revealed that the broker has retained its underperform rating and $5.20 price target on this gold miner’s shares following the release of its latest production update. Its analysts appeared to be disappointed with Northern Star’s guidance.
The Yojee Ltd (ASX: YOJ) share price has fallen almost 4.5% to 11 cents. Yojee’s shares rose strongly on Wednesday after announcing a two-year agreement with Riverwood Pte Ltd to provide its logistics software. While the announcement sounds positive, investors are being cautious and appear to be waiting to see how much revenue is actually generated from the deal before acting.
The Zip Co Ltd (ASX: Z1P) share price has tumbled 3.5% to $1.01 despite reporting a record quarterly result this morning. Zip achieved its highest quarterly transaction volume, up 26% to $171 million during the quarter. In addition to this, it reported record revenue of $13.2 million, an 18% increase on the previous period.
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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.