Why these 4 ASX shares are dropping lower today

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.

4 Stocks for Building Wealth After 50

Renowned investor Scott Phillips just released a brand-new report detailing his 4 favourite stocks to buy right now.

And I don’t know about you, but I always pay attention when some of the best investors in the world give me a stock tip.

This is your chance to get in at the very beginning of what could prove to be very special investments.

Click here to get started today!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.