The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher on Thursday. At the time of writing, the benchmark index is up 1% to 6,124 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price is down over 3% to $84.25. This follows a lukewarm response to its annual general meeting update by a number of brokers. Although the pizza chain operator delivered strong same store sales growth for the first 17 weeks of the financial year, it has slowed since the 10-week stage. This morning UBS retained its sell rating and lifted its price target slightly to $72.00.
Estia Health Ltd (ASX: EHE)
The Estia Health share price has fallen 2% to $1.33 after the release of its first quarter update. Investors have been selling the aged care operator's shares after it revealed that its total occupancy averaged 91.3% in the first quarter and stood at 89.7% at 31 October 2020. Estia Health has also experienced an increase in costs due to COVID-19.
Pendal Group Ltd (ASX: PDL)
The Pendal share price has tumbled 6.5% to $6.05. This follows the release of its full year results on Wednesday. The fund manager reported cash earnings per share of 45.5 cents per share. This was down 11% from 51.3 cents per share a year earlier. This was driven by a 4% decline in funds under management and a 3% increase in operating expenses.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price fell 6.5% to $8.11 following the release of its annual general meeting presentation. At the event, the wine company spoke about recent media reports regarding its business in China. It said it "has become aware of media reports and speculation relating to a potential embargo of Australian exports, including wine, into China. We have not received any advice or notification from the Chinese authorities in relation to this speculation and are not in a position to comment further at this point in time."
