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Why these 4 ASX shares are dropping lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a weak start and managed to push slightly higher on Tuesday. In afternoon trade the benchmark index is up 0.1% to 6,286 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

The Freelancer Ltd (ASX: FLN) share price is down 16% to 50 cents after the release of a weaker than expected half year result from the freelancing, outsourcing, and crowdsourcing marketplace operator. Freelancer reported revenue of $24.7 million, down 7.2% on the prior corresponding period. Management blamed the decline on lower membership revenues, which has been driven by lower value plans.

The Kidman Resources Ltd (ASX: KDR) share price is down over 8% to $1.40 despite there being no news out of the junior lithium miner. The volume of shares traded today has been far higher than normal, possibly indicating that a large shareholder is selling down their position or short sellers have taken an interest in yet another lithium miner.

The Regis Resources Limited (ASX: RRL) share price has plunged 12% lower to $4.40 after the gold miner released its fourth quarter report. Regis Resources produced 92,008 ounces of gold in the quarter, up 8% on the third quarter. While this means FY 2018 production will be 361,373 ounces and at the top end of its guidance range, investors appear concerned by its sudden rise in all-in sustaining costs.

The WiseTech Global Ltd (ASX: WTC) share price has fallen almost 7% to $15.45. Almost all Australia’s leading tech shares have sunk lower today following heavy declines for their U.S. counterparts in overnight trade. High PE and tech shares sold off after Reuters reported that the European Union, Canada, Japan, Mexico, and South Korea plan to meet next week to discuss a response to threats made by President Donald Trump.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Freelancer Limited. 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.

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