Why these 4 ASX shares are dropping lower today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having an extremely bumpy session. In afternoon trade the index has swung into the red and is down slightly at 5,800.6 points.

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

The AVZ Minerals Ltd (ASX: AVZ) share price has tumbled 10% to 6.2 cents following the release of the mineral exploration company’s quarterly update. At one stage AVZ Minerals’ shares were trading at a 52-week low of 5.6 cents. Investors may be concerned that a capital raising will be required soon after the company posted an $8.4 million cash outflow from operating activities. This ultimately left AVZ Minerals with cash and cash equivalents of just $6.5 million.

The Corporate Travel Management Ltd (ASX: CTD) share price is down 21% to $21.78 after returning to trade this morning. The corporate travel management company’s shares were placed in a trading halt while it prepared a response to a short seller report. I thought the response was solid and that VGI Partners has been very lucky with the panic selling today.

The Ltd (ASX: KGN) share price is down a further 8% to $2.91. The ecommerce company’s shares have come under heavy selling pressure this week following the release of a bitterly disappointing trading update. I suspect that investors are punishing the company now for the heavy post-earnings insider selling and the lack of a trading update prior to that selling.

The Orocobre Limited (ASX: ORE) share price has fallen 5% to $3.19. On Tuesday the lithium miner released its quarterly update. Although that update revealed an increase in the average price of its produce, management warned that prices would be notably lower in the current quarter. Orocobre’s shares hit a 52-week low today.

Need a lift after these decline? Then don't miss this hot tech share.

Tech Billionaire’s Prediction Will Amaze You

When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can profit!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended ltd. 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.