In afternoon trade on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.6% to 6,880.2 points.
Fours ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Cann Group Ltd (ASX: CAN)
The Cann share price is down 3% to 64 cents after revealing that it has been the victim of a cyber security incident. According to the release, the cannabis company has recently made payments of approximately $3.6 million to an overseas contractor. These payments were in relation to works being undertaken for Cann’s Mildura facility. However, those payments have been received by an unknown third party as a result of a complex and sophisticated cyber fraud.
Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price is down almost 5% to 20 cents. This morning the cannabis company announced that it has brought the marketing and sales function of its cannaQIX product inhouse, taking over from its commercial partner Doetsch Grether in Switzerland. This follows a growing trend of direct inbound sales enquiries and interest in cannaQIX product.
LiveTiles Ltd (ASX: LVT)
The LiveTiles shares price is down 5.5% to 25 cents. Investors may be taking a bit of profit off the table after the software company’s shares jumped notably higher on Friday. That gain was driven by speculation it could be a takeover target. Though, LiveTiles has rebuffed this speculation, revealing that it isn’t in discussions.
News Corp CDI (ASX: NWS)
The News Corp share price has fallen 3.5% to $27.39. This also appears to be due to profit taking after a very strong gain last week. In fact, thanks largely to a very strong second quarter update, the media giant’s shares were among the best performers on the ASX 200 last week with a 16.9% gain.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of LIVETILES FPO. The Motley Fool Australia has recommended LIVETILES FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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