In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing the benchmark index is up 0.3% to 6,105.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 1.5% to $12.10. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the travel company's shares to a neutral rating with a $13.50 price target. This follows its update on Thursday which revealed expectations for a major loss in FY 2020.
The Navigator Global Investments Ltd (ASX: NGI) share price has crashed almost 10% lower to $1.74. This appears to be down to profit taking after some strong gains following the release of its FY 2020 full year results earlier this week. One broker that sees this share price weakness as a buying opportunity is Macquarie. This morning it put an outperform rating and $2.23 price target on the investment company's shares.
The Newcrest Mining Limited (ASX: NCM) share price is down almost 1% to $34.23. Investors have been selling the gold miner's shares after its guidance for FY 2021 underwhelmed and offset a rise in the gold price overnight. Newcrest expects another decline in production this year. This follows a 13% decline in production in FY 2020.
The Whitehaven Coal Ltd (ASX: WHC) share price has fallen 3.5% to $1.32. This follows news that a group of shareholders are trying to shut down the business. A group of shareholders, led by activist shareholder Market Forces, will propose shutting down the business and returning capital to investors at the miner's next annual general meeting.
