In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing the benchmark index is up 0.4% to 6,616.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down 2.5% to $32.09. This appears to have been driven partly by the medical device company's shares trading ex-dividend this morning. Eligible shareholders can now look forward to being paid its 15.2 cents per share dividend in a couple of weeks on 16 December.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is down 3% to $4.29. Investors may be taking profit after a strong gain on Wednesday following the release of another positive update. That update was related to its remestemcel-L product and revealed that the United States Food and Drug Administration has granted it Fast Track designation in the treatment of acute respiratory distress syndrome (ARDS) due to COVID-19 infection.
Splitit Ltd (ASX: SPT)
The Splitit share price is down over 2.5% to $1.28. This morning the buy now pay later provider released its November update and revealed record merchant sales volume (MSV) during the Black Friday and Cyber Monday promotional period. Over the shopping event, the company reported MSV of US$15.3 million. This was an increase of 216% on the same period a year earlier. This strong finish to the month led to the company reporting year-on-year November MSV growth of 255%. Investors appear to have been expecting even stronger growth.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down 1.5% to $30.41 on the day of its investor day event. This is despite the company reaffirming its guidance for revenue of $470 million to $510 million and earnings before interest, taxes, depreciation and amortisation (EBITDA) of $155 million to $180 million. The latter represents year on year growth of 22% to 42%.
