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The S&P/ASX 200 Index (ASX: XJO) has started the week in a positive fashion. In late morning trade the benchmark index is up 0.4% to 5,882.8 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Cleanaway Waste Management Ltd (ASX: CWY) share price is down 6.5% to $2.35. Investors have been selling the waste management company's shares amid reports of poor workplace behaviour by its CEO, Vik Bansal. This morning it responded to the reports, advising that it takes the allegations of misconduct in the workplace very seriously. An investigation was conducted and Mr Bansal has acknowledged that his behaviour should have been better. In a separate announcement, it revealed the retirement of its chief financial officer, Brendan Gill.
The De Grey Mining Limited (ASX: DEG) share price has fallen 3% to $1.39. This morning the gold exploration company announced that it has received commitments for a placement of approximately 83.4 million shares priced at $1.20 per share to raise $100 million before costs. This placement price represents a sizeable 16.4% discount to the last close price. Managing Director, Glenn Jardine, commented: De Grey has never been better placed to achieve our goal of realising a Tier 1 gold project at Hemi."
The Macquarie Group Ltd (ASX: MQG) share price is down 4% to $120.92. Investors have been selling the investment bank's shares after it provided guidance for FY 2021. It expects to report a 35% decline in profit in the first half and then a 25% decline in the second half. I estimate that this will mean a full year profit of $1,903 million, down 30.3% year on year.
The Zip Co Ltd (ASX: Z1P) share price has continued its slide and is down almost 6% to $5.64. The buy now pay later provider's shares have come under pressure this month amid concerns over increasing competition in the United States. This follows PayPal's announcement of the impending launch of its Pay in 4 product.
