In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to continue its recovery with another solid gain. The benchmark index is currently up 0.9% to 6,723.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Bubs Australia Ltd (ASX: BUB)
The Bubs share price has continued its slide and is down a further 5.5% to 67 cents. Investors have been selling the goat milk infant formula company’s shares after its second quarter update fell short of expectations last week. While Bubs’ performance has improved since the first quarter, its latest update was still weaker than the market was forecasting. Its sales came in softer and its costs were higher than expected.
Huon Aquaculture Group Ltd (ASX: HUO)
The Huon share price has crashed 9% lower to $2.79 following the release of a trading update. That update revealed that challenging market conditions as a result of COVID-19 have persisted throughout the first half in both the domestic and international markets for salmon. While its sales volumes were on target for the period, the price of salmon has softened notably. Management also warned that prices are unlikely to recover over the coming months.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has sunk 5% lower to $10.51. This follows the release of the online furniture and homewares retailer’s half year update this morning. For the six months ended December 31, Temple & Webster delivered a 118% increase in revenue over the prior corresponding period to $161.6 million. Thanks to operating leverage, EBITDA jumped a massive 556% to $14.8 million. While this was undoubtedly strong, it still fell short of Goldman Sachs’ estimate of revenue of $171.1 million and EBITDA of $17.6 million for the half.
Unibail-Rodamco-Westfield CDI (ASX: URW)
The Unibail-Rodamco-Westfield share price is down almost 7% to $5.14. This decline appears to have been driven by profit taking after a strong rise in recent trading sessions. That rise was driven by a short squeeze initiated by traders from Reddit.