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In late morning 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 0.3% to 6,040.7 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Bubs Australia Ltd (ASX: BUB) share price is down 2.5% to 99.5 cents following the release of its fourth quarter update. During the fourth quarter of FY 2020, Bub reported gross revenue of $13 million. This was a 5% decline on the prior corresponding period. It also burned through $10 million of cash. One positive was that it has announced its entry into the children's vitamins market. The company also revealed that it has appointed Jennifer Hawkins as its global ambassador.
The Insurance Australia Group Ltd (ASX: IAG) share price has fallen 4% to $5.11. This may have been driven by a broker note out of Macquarie this morning. According to the note, the broker has retained its neutral rating but cut the price target on the insurance giant's shares to $5.50. This follows the release of its FY 2020 update and cancellation of its final dividend last week.
The Star Entertainment Group Ltd (ASX: SGR) share price is down 2.5% to $2.70. Investors may be concerned by news that New South Wales has reported another rise in coronavirus cases. There may be fears that the casino operator's doors will be forced to close if the outbreak is not kept under control.
The Webjet Limited (ASX: WEB) share price has dropped 3% to $2.99. Investors continue to sell travel shares after coronavirus cases spike in Australia. There are concerns that the recent increase in cases could delay the recovery of the domestic travel market and lead to travel companies requiring additional funding. This could mean further dilution for shareholders in the future.
