In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.4% to 7,231.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price is down 4.5% to $9.23. This may have been driven by a couple of broker notes that were released this morning. Analysts at both Citi and Macquarie have downgraded this regional bank's shares to neutral ratings on valuation grounds.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 5% to $6.36. This follows news that major shareholder Woolworths Group Ltd (ASX: WOW) has been selling down its stake. Woolworths has agreed to sell 5.5% of the issued capital of Endeavour via a block trade at a price of $6.46 per share. This represents a 3.6% discount to its last close price. The retail giant revealed that it isn't planning to sell any further shares in the short to medium term.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down 4% to $4.86. Investors have been selling this telco's shares after it was the latest victim of a cyberattack. TPG revealed that its external cyber security advisers has advised that they found evidence of unauthorised access to a Hosted Exchange service which hosts email accounts for up to 15,000 iiNet and Westnet business customers. The company believes the hackers were looking for customers' cryptocurrency and financial information.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down over 2% to 62.7 cents. This morning, UBS responded to Zip's trading update and capital raising by retaining its sell rating and lowly 45 cents price target. This price target implies potential downside of almost 30% for investors from current levels.
