The S&P/ASX 200 index has followed the lead of U.S. markets and is on course to finish the week on a very positive note. At the time of writing the benchmark index is up 1.1% to 6,763.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The ARQ Group Ltd (ASX: ARQ) share price is down 2.5% to 37.5 cents. Although there is no news out of IT company, it is worth noting that its shares have been sold off over the last 12 months due to a series of earnings guidance downgrades. Due to the continued underperformance of its Enterprise division, ARQ's group underlying EBITDA is expected to be in the range of $13.8 million to $15.8 million in FY 2019. This compares to previous guidance of $16.8 million to $19.3 million.
The Evolution Mining Ltd (ASX: EVN) share price is down over 2% to $3.67 despite a rise in the gold price overnight. This decline appears to have been triggered by news that one of its major shareholders, La Mancha Group, has been selling down its holding. According to a notice released on Thursday, La Mancha Group has sold down its stake in the gold miner from 7.65% to 6.64%.
The Moneyme Ltd (ASX: MME) share price has fallen over 2.5% to $1.40. The technology-driven consumer credit company's shares rocketed higher after listing on the ASX in December, but have fallen heavily since. After climbing as high as $1.74, its shares are now trading closer to its listing price of $1.25.
The Sezzle Inc (ASX: SZL) share price is sinking lower again and is down 12% to $1.45. The buy now pay later company's shares have come under significant selling pressure this week. This follows news that the California Department of Business Oversight failed to approve an application by Sezzle for a California Financing Law license to make loans. Industry rival Afterpay Ltd (ASX: APT) has had its application approved. Sezzle intends to apply again.
