The S&P/ASX 200 Index (ASX: XJO) looks set to continue its positive run on Thursday. In late morning trade the benchmark index is up 0.2% to 5,583.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Aristocrat Leisure Limited (ASX: ALL) share price is down 4.5% to $26.13 following the release of its half year update. For the six months ended March 31, Aristocrat posted a 7% increase in operating revenue to $2,251.8 million. However, due to margin weakness, the company posted a 12.8% decline in normalised NPATA to $368.1 million. As a comparison, Goldman Sachs was expecting a 6% increase in revenue to $2.2 billion and a 2% decline in NPATA to $416 million.
The Bigtincan Holdings Ltd (ASX: BTH) share price has fallen 5% to 72 cents. This follows the successful completion of its institutional placement. The sales enablement software platform provider raised $35 million at a discount 67 cents per share. It will now aim to raise up to $5 million via a share purchase plan. These funds will be used to accelerate key strategic priorities.
The Clover Corporation Limited (ASX: CLV) share price is down 2.5% to $2.47. This appears to have been driven by a broker note out of UBS. Although its analysts note that Clover is expecting a strong fourth quarter, they suspect this is partly due to inventory restocking pulling forward demand. In light of this and its strong share price performance, it has downgraded its shares to a neutral rating with a $2.50 price target.
The Megaport Ltd (ASX: MP1) share price has fallen 4% to $13.24. Investors have been selling Megaport's shares after it revealed that its founder and chairman, Bevan Slattery, has sold 5 million shares. This represents 3.27% of the company's issued capital. The sale was underwritten by UBS at a price of $13.00 per share and distributed to institutional investors. Mr Slattery still owns just over 13 million shares.
