In late morning trade the S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record another strong gain. At the time of writing the benchmark index is up 2.3% to 5,907.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Beach Energy Ltd (ASX: BPT) share price is down over 3% to $1.64. This follows a sharp pullback in oil prices overnight due to increasing U.S.-China tensions. In addition to this, analysts at Macquarie and Morgans have just downgraded the energy producer's shares to neutral/hold ratings. They have $1.60 and $1.66 price targets, respectively, on its shares.
The Jumbo Interactive Ltd (ASX: JIN) share price is down 2.5% to $11.82. This is despite there being no news out of the online lottery ticket seller. However, prior to today, Jumbo's shares were up 73% from their March low. This could mean that some investors have decided to take a bit of profit off the table today.
The ResMed Inc. (ASX: RMD) share price is down almost 3% to $23.44 despite there being no news out of the sleep treatment focused medical device company. Though, it is worth noting that its U.S. listed shares fell heavily overnight. As such, this decline appears to be playing catch up. Investors may have been taking profit after some stellar gains over the last 12 months.
The WiseTech Global Ltd (ASX: WTC) share price is down 2% to $21.89. This morning the logistics solutions company announced that it has renegotiated the earnout arrangements for a number of acquisitions. This has included replacing significant cash payments with shares. As these shares have been issued today and not all are escrowed, I suspect that some recipients have decided to cash them in immediately.
