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 5,977.6 points.
Fours shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is down over 7.5% to $1.22 following the release of its first quarter update. That update revealed that the AI-powered sales enablement automation platform provider's customer cash receipts fell 15% to $4.5 million. Positively, management has held firm with its guidance for FY 2021.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price has fallen over 2% to 69.5 cents. This follows the release of the infant formula and baby foods company's first quarter update. For the three months ended 30 September, Bubs reported a 34% decline in gross revenue to $9.4 million. Management blamed the decline on a COVID-led contraction in the daigou channel.
Carsales.Com Ltd (ASX: CAR)
The Carsales share price has dropped 4% to $20.79 on the day of its annual general meeting. Ahead of its virtual meeting, the auto listings company released a presentation which included a trading update. Management advised that lead volumes in the first quarter have been impacted by the closure of dealerships in Metro Melbourne. However, excluding Metro Melbourne, overall lead volumes grew strongly on the prior corresponding period.
Western Areas Ltd (ASX: WSA)
The Western Areas share price has crashed 19% lower to $1.90 after updating its guidance for FY 2021. According to the release, the nickel producer has downgraded its production guidance range from 19,000 to 21,000 tonnes to between 17,000 and 19,000 tonnes. This will be achieved with higher than expected costs. Its unit cash cost of production guidance has been lifted by 25 cents to A$3.50/lb to A$4.00/lb. Production issues at Flying Fox are to blame.
