In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the month in stunning fashion. At the time of writing, the benchmark index is up over 1.1% to 6,592.4 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 down almost 2% to $6.39. This is despite the release of a positive trading update this morning by the online beauty retailer. That update revealed that trading has been stronger than expected, leading to an upgrade to its guidance. Management is now expecting first half revenue to come in at approximately $95.2 million. This exceeds its prospectus forecast of $89 million by 7%.
Bank of Queensland Limited (ASX: BOQ)
The Bank of Queensland share price is down 1.5% to $7.54. On Monday the regional bank announced the completion of its Capital Notes 2 offer. It raised $260 million through the issue of 2.6 million capital notes for $100 each. In other news, late last week analysts at Macquarie slapped an underperform rating and $6.50 price target on its shares.
Bega Cheese Ltd (ASX: BGA)
The Bega Cheese share price has run out of steam and is down 2% to $5.35. This may be down to profit taking after some strong gains in recent days following its acquisition of Lion Dairy & Drinks. In fact, the diversified food company's shares hit a 52-week high on Monday. When its shares hit that level, it meant they were up 13% in the space of a week.
McPherson's Ltd (ASX: MCP)
The McPherson's share price has crashed 35% lower to $1.20 following the release of a very disappointing trading update. According to the release, McPherson's key China joint venture partner, Access Brands Management, has provided feedback that its key 11/11 event was below expectations. This has led to management downgrading its underlying profit before tax forecast of $10.2 million to $11.1 million to a range of just $6.5 million to $7.5 million. It has also withdrawn its full year guidance.
