The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 7,058.8 points.
Four ASX shares that are dragging on the market today are listed below. Here's why they are falling:
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Bapcor Ltd (ASX: BAP)
The Bapcor share price is down a further 5.5% to $5.59. Investors have been selling this auto parts retailer's shares this week following a disappointing annual general meeting update. The team at Morgan Stanley wasn't impressed, noting that Bapcor's update fell short of expectations. As a result, the broker has retained its underweight rating with a $6.20 price target.
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is down 30% to $11.99. Investors have been hitting the sell button today after the debt collector downgraded its FY 2024 profit guidance. This has been driven by a major impairment of the carrying value of its US Purchased Debt Ledger assets. Statutory net profit after tax was expected to be $90 million to $100 million. This has now been downgraded to a range of $35 million to $45 million.
Hub24 Ltd (ASX: HUB)
The Hub24 share price is down almost 7% to $31.35. This may have been driven by a lukewarm reaction to the investment platform provider's quarterly update from brokers. For example, Macquarie responded by retaining its neutral rating and trimming its price target to $33.40. It believes Hub24's shares are fully valued now.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is down 6.5% to $25.16. This has been driven by the gold miner's shares going ex-dividend today for its US$1.10 per share special dividend. This dividend, which is part of its takeover by Newmont Mining (NYSE: NEM), will be paid to eligible shareholders on 27 October.
