The S&P/ASX 200 index reached a new post-GFC high this morning and is on course to record a solid gain on Tuesday. At the time of writing the benchmark index is up 0.35% to 6,850.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Bubs Australia Ltd (ASX: BUB) share price has dropped 3% to $1.38 a day after the release of the infant formula and baby food company's full year update. I suspect this decline is due to profit taking from some investors after Bubs' shares rocketed higher on Monday in response to the stronger than expected update. In the fourth quarter Bubs posted a record $18.46 million in revenue and was cash flow positive.
The Janus Henderson Group PLC (ASX: JHG) share price has tumbled 2.5% to $32.20 despite there being no news out of the fund manager. However, on Wednesday the fund manager is scheduled to release its fourth quarter and full year update. It appears as though some investors are concerned that Janus Henderson could disappoint and have been selling shares ahead of the announcement.
The NIB Holdings Limited (ASX: NHF) share price is down 2% to $8.00. Today's decline appears to be attributable to a note out of Ord Minnett this morning which reveals that its analysts have downgraded the private health insurer's shares to a sell rating with a price target of $6.58. According to the note, the broker believes that NIB is facing pressure on premium rates that could have an impact on growth and margins in the near term.
The WiseTech Global Ltd (ASX: WTC) share price has dropped over 2% to $27.00. Today's decline appears to be down to general weakness in the tech sector on Tuesday following a weak night of trade on Wall Street's technology-focused Nasdaq index. The Nasdaq index finished the day 0.45% lower and the S&P/ASX 200 Info Tech index is 1.1% lower in afternoon trade.
