In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its morning gains and is trading just slightly higher. At the time of writing the benchmark index is up 1.8 points to 6,168.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Adore Beauty Group Ltd (ASX: ABY)
The Adore Beauty share price is sinking 7% lower to $6.42. This decline means the newly listed online beauty retailer's shares are now trading below their IPO price of $6.75. Concerns over the reasonably lofty multiples that its shares trade at appear to be behind this decline.
Adairs Ltd (ASX: ADH)
The Adairs share price has tumbled 6.5% to $3.61. This follows the release of the furniture retailer's trading update this morning. As of October 25, Adairs' total sales were up 22% over the prior corresponding period year to date. This was driven largely by its online segment, which reported a 134% increase in sales. No guidance was given for FY 2021. Investors may have been expecting even stronger growth.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price has crashed 25% lower to $2.62. This follows the completion of a $56 million institutional placement and the release of its third quarter update. In respect to the latter, Marley Spoon delivered more strong growth over the prior corresponding period. However, its growth over the prior quarter was negligible. Investors may be concerned the subscription-based meal kit provider's sales growth has now peaked.
Resolute Mining Limited (ASX: RSG)
The Resolute Mining share price has fallen 3.5% to 82 cents. The gold miner's shares have come under pressure in recent days following the release of an underwhelming third quarter update last week. Resolute's production was down notably quarter on quarter and its costs jumped meaningfully higher.
