In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a very positive note. At the time of writing the benchmark index is up 1.1% to 5,451.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is down 3% to $27.13. This is despite there being no news out of the medical device company. However, with its shares up almost 30% year to date, some investors may have decided to take a bit of profit off the table. Fisher & Paykel Healthcare's shares have been strong performers this year thanks to increasing demand for its ventilators.
The Graincorp Ltd (ASX: GNC) share price is down 4% to $3.45. This follows news that China is threatening to slap an 80% import tax on Australian barley. China alleges that the Australian government is subsidising farmers and allowing them to dump barley into China at cheaper prices than those offered by Chinese farmers.
The Polynovo Ltd (ASX: PNV) share price is down 1.5% to $2.51. This decline appears to be down to profit taking. After all, the medical device company's shares were on fire last week and recorded a gain of 28% over the period. This followed Polynovo's appearance at the Macquarie Group Ltd (ASX: MQG) Investor virtual conference. Management spoke positively about the $7.5 billion market opportunity for its NovoSorb product.
The SEEK Limited (ASX: SEK) share price is 1.5% lower at $17.18. At the end of last week analysts at Morgans downgraded SEEK's shares to a reduce rating with a $15.55 price target. It believes that job listing volumes will be lower for longer and feels the market isn't factoring this into its current share price.
