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In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing the benchmark index is up 0.8% to 5,864.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Kogan.com Ltd (ASX: KGN) share price has fallen 1.5% to $14.78. This appears to have been driven by profit taking following a very strong rise in 2020. In fact, prior to today, Kogan's shares were up 100% since the start of the year. Investors have been buying the ecommerce company's shares after it delivered exceptionally strong sales and profit growth during the pandemic.
The Myer Holdings Ltd (ASX: MYR) share price has fallen almost 7% to 21 cents. Investors appear concerned that the department store operator might struggle to survive the pandemic. Especially after QBE Insurance Group Ltd (ASX: QBE) announced that it will stop providing insurance to suppliers who want to cover the risk of not getting paid by Myer. Australia's largest provider of trade credit insurance told the ABC that it has severe doubts about Myer's ability to pay its way.
The Orocobre Limited (ASX: ORE) share price is down 5% to $2.39. This appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded the lithium miner's shares to a neutral rating with a $2.50 price target following its June sales update. Credit Suisse notes that its lithium carbonate pricing has fallen to a record low.
The Qantas Airways Limited (ASX: QAN) share price has fallen 8% to $3.86 after returning from its trading halt. The airline operator's shares returned to trade this morning after it successfully completed its $1.4 billion placement. Qantas raised the funds through the issue of approximately 372.7 million new shares to institutional investors at a price of $3.65 per new share. This represents a sizeable 12.9% discount to its last close price. It will now seek to raise up to $500 million via a share purchase plan.
