In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up slightly to 7,466.6 points.
Four ASX shares that are failing to follow the market higher today are listed below. Here's why they are dropping:
Cochlear Limited (ASX: COH)
The Cochlear share price is down 6.5% to $239.27. Investors have been selling the hearing solutions company's shares following the release of its full year results. Although Cochlear's 54% increase in underlying net profit to $236.7 million was in line with its guidance of $225 million to $245 million, it fell short of the market's expectations. The consensus estimate was for a net profit of $245.5 million.
Santos Ltd (ASX: STO)
The Santos share price is down 2% to $5.89. This decline has been driven by a combination of weaker oil prices and the energy producer's shares going ex-dividend this morning. In respect to the latter, eligible shareholders can now look forward to receiving its 7.5 cents per share fully franked dividend next month on 21 September.
St Barbara Ltd (ASX: SBM)
The St Barbara share price has fallen 4% to $1.53. Investors have been selling this gold miner's shares after it revealed a non-cash impairment of its Atlantic operations. According to the release, the company expects to incur an impairment of A$250 million to A$300 million in FY 2021. This is to reduce the carrying value of the operations to align with current market consensus estimates.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down over 1.5% to $6.50. This follows the release of the telco's first half year results since its merger with Vodafone Australia. TPG reported a 71% increase in revenue to $2,630 million but an 8% decline in net profit after tax to $76 million. According to a note out of Goldman Sachs, this fell short of its estimates by 2% and 37%, respectively.
