In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher. At the time of writing, the benchmark index is up 0.4% to 7,438 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Evolution Mining Ltd (ASX: EVN)
The Evolution share price is down 3% to $4.40. Investors have been selling this gold miner's shares after it was the subject of a bearish broker note out of UBS. According to the note, the broker has downgraded Evolution's shares to a sell rating with a $4.23 price target.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price has continued its slide and is down a further 4% to $21.90. Investors have been selling this medical device company's shares since the release of a trading update last week. Fisher & Paykel Healthcare advised that it expects FY 2022 operating revenue in the range of NZ$1.675 billion to NZ$1.70 billion. This represents a 13.7% to 15% year on year decline from NZ$1.97 billion in FY 2021. Management also warned that higher freight costs would impact margins.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 3.5% to $1.46. This morning the gold miner revealed the impact of COVID-19 disruptions at its Simberi operation. According to the release, Simberi is now forecast to produce between 25-30koz at an all-in sustaining cost (ASIC) of $3,200-$3,600 per ounce in FY 2022. As a result, total FY 2022 production is expected to come to 275-290koz and AISC of $1,750-1,870 per ounce. This compares to its original (previously withdrawn) guidance of 305-355koz with an ASIC of $1,710 to $1,860 per ounce.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down almost 4% to $1.46. Investors have been selling Zip and other tech shares on Monday following a poor night of trade on the Nasdaq index on Friday. In addition, futures contracts are pointing to another decline for the tech-focused index tonight. The S&P ASX All Technology index is down 2.2% at the time of writing.
