Why Bendigo and Adelaide Bank, Mach7, National Storage, & Unibail-Rodamco-Westfield are dropping lower

Bendigo and Adelaide Bank Ltd (ASX:BEN) and Mach7 Technologies Ltd (ASX:M7T) shares are two of four dropping lower on Wednesday…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but is falling just short. At the time of writing, the benchmark index is down slightly to 6,046.4 points.

Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is down 2% to $6.68. This appears to have been driven by a broker note out of Morgan Stanley this morning. Its analysts have retained their underweight rating and $6.10 price target on the regional bank’s shares following its first quarter update.

Mach7 Technologies Ltd (ASX: M7T)

The Mach7 Technologies share price is down almost 6% to 88.5 cents following the release of its first quarter update. During the quarter, Mach7 generated $3.3 million (total contract value) of new sales orders and recorded a $0.9 million increase in recurring revenue. Some investors appear to have been expecting stronger growth from the healthcare technology company.

National Storage REIT (ASX: NSR)

The National Storage share price is down 1% to $1.82. This is despite the self-storage operator releasing a positive update at its annual general meeting this morning. National Storage revealed that in excess of 60,000 square metres of occupancy has been added since 1 July. This is the equivalent of 12 full centres. Management has reaffirmed its guidance for FY 2021.

Unibail-Rodamco-Westfield CDI (ASX: URW)

The Unibail-Rodamco-Westfield share price has fallen 4.5% to $2.87. This morning the shopping centre operator revealed that leading independent proxy advisory firm, Glass Lewis, has recommended that shareholders vote in favour of its 3.5 billion euros capital increase. Some major shareholders have objected to the plan, which will be voted on at the company’s extraordinary general meeting in November. It is an essential element of the company’s RESET plan.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends MACH7 FPO. The Motley Fool Australia has recommended MACH7 FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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