In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,000.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Blackmores Limited (ASX: BKL)
The Blackmores share price is down 11% to $75.02. This appears to have been driven by a broker note out of Credit Suisse this morning. In response to the health supplements company's half year results, the broker has downgraded its shares to a neutral rating and cut the price target on them by 10% to $90.00. Elsewhere, Citi has retained its sell rating with a $73.16 price target.
BWX Ltd (ASX: BWX)
The BWX share price has crashed 26% lower to $2.49. This follows the release of the personal care products half year results this morning. Despite posting strong top line growth, the Sukin owner reported a loss after tax of $2.3 million. Management blamed this loss on one-offs.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 6% to $5.26. This is a big improvement from earlier in the day when the ecommerce company's shares were down as much as 20% to a new 52-week low. Investors have been hitting the sell button today after Kogan swung to a loss during the first half of FY 2022. It also reported a 17% decline in core Kogan.com revenue for the period.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 9% to $17.97. This morning the embattled fund manager revealed that its funds under management (FUM) has declined meaningfully once again. Magellan reported that its total FUM now stands at $77.2 billion. That's down 11.4% since its last update on 11 February when the company revealed FUM of $87.1 billion.
