In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.8% to 6,083.1 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The ARB Corporation Limited (ASX: ARB) share price is down 1% to $29.77. The catalyst for this decline appears to be a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the auto accessories company's shares to a lighten rating with an improved price target of $24.00. Ord Minnett made the move on valuation grounds after a strong gain in recent months.
The Accent Group Ltd (ASX: AX1) share price is down 1% to $1.70. This is despite there being no news out of the footwear-focused retailer today. However, prior to today, the Accent share price was up over 34% since the start of August. This could mean that some investors have decided to take a bit of profit off the table today.
The Bigtincan Holdings Ltd (ASX: BTH) share price has fallen 1% to $1.33. This follows the announcement of an acquisition this morning by the sales enablement software platform provider. Bigtincan has entered into an agreement to acquire Denmark-based Agnitio for 15 million Danish kroner (A$3.3million). Agnitio is a pioneer in sales enablement for the life sciences sector, with sustainable annualised recurring revenue (ARR) of A$1.6 million.
The Transurban Group (ASX: TCL) share price has dropped over 1% to $13.98 following the release of its annual general meeting update. At the meeting the toll road operator revealed that its quarterly traffic volumes have made a significant improvement across the Sydney, Brisbane and North America markets since the period of peak restrictions. It also advised that it has commenced a process for the potential introduction of equity partners into its Greater Washington Area assets. It expects this to release significant capital into the business.
