In afternoon trade the S&P/ASX 200 index is on course to record a solid gain. At the time of writing the benchmark index is up 1% to 7,134.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The AP Eagers Ltd (ASX: APE) share price has fallen 5% to $9.65. Investors have been selling the auto retailer's shares after it was the subject of a broker note out of Morgans. According to the note, its analysts have downgraded AP Eagers' shares to a hold rating with an $11.96 price target. It notes that new car sales are weak.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 2% to $40.95. The catalyst for this appears to have been a broker note out of Credit Suisse. According to the note, its analysts have downgraded Flight Centre's shares to a neutral rating and cut the price target on them to $44.83. The broker appears concerned that tough trading conditions could make it hard for Flight Centre to achieve its guidance.
The Kogan.com Ltd (ASX: KGN) share price is trading 2% lower at $5.62. The ecommerce company's shares continue to tumble following the release of its first half update on Monday. In the first half Kogan delivered first half gross sales and gross profit growth of 16% and 9%, respectively. Whilst this looks strong, it is actually a sharp slowdown from the first quarter.
The St Barbara Ltd (ASX: SBM) share price has fallen 4.5% to $2.87. Investors have been selling the gold miner's shares after it downgraded its guidance for the Gwalia operation once again. Gwalia production is now forecast to be between 170,000 and 180,000 ounces. This compares to its previous guidance of 175,000 to 190,000 ounces. St Barbara also lifted its cost guidance by 5% to 6%.
