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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a very positive note. The benchmark index is currently up a sizeable 1.6% to 5,971.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Atlas Arteria Group (ASX: ALX) share price is down almost 3% to $6.11. This morning the toll road operator's shares traded ex-dividend for its 11 cents per share interim dividend. In addition to this, rising coronavirus cases in Europe appear to be weighing on its shares. Atlas Arteria has a collection of toll roads in France which could experience subdued traffic volumes in the near term if Europe goes back into lockdown.
The Cochlear Limited (ASX: COH) share price is down almost 1% to $200.65. Earlier this week UBS reaffirmed its sell rating and $175.00 price target on this hearing solutions company's shares. Its analysts believe that the market is expecting too much from Cochlear in respect to sales growth in the coming years.
The Telix Pharmaceuticals Ltd (ASX: TLX) share price has fallen 1.5% to $1.75. This decline appears to be down to profit taking after some strong gains in recent months by the biopharmaceutical company's shares. For example, prior to today, Telix's shares were up a massive 115% over the last six months.
The Treasury Wine Estates Ltd (ASX: TWE) share price has dropped almost 1% to $9.00. Investors have been selling the wine company's shares despite it being subject to a positive broker note out of Credit Suisse yesterday. The broker has upgraded Treasury Wine's shares to an outperform rating with a $12.30 price target. This price target implies potential upside of almost 37% for its shares over the next 12 months. Clearly some investors aren't as bullish on its prospects.
