In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher. At the time of writing, the benchmark index is up 0.2% to 6,498.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is down 4% to $97.35. Investors have been selling the payments company's shares despite the release of a positive update at its annual general meeting. That update revealed that October was another record month for underlying sales globally. Furthermore, it advised that month to date the company is tracking ahead of this and new customer growth has been accelerating since the end of Q1 in both the US and UK. An ASIC report into the BNPL industry may be overshadowing this news.
Goodman Group (ASX: GMG)
The Goodman share price is down over 4% to $18.65. This morning analysts at Goldman Sachs reiterated their sell rating and lowly $12.24 price target on the property company's shares. While Goldman is expecting solid growth in the coming years, it still believes its shares are overvalued.
MedAdvisor Ltd (ASX: MDR)
The MedAdvisor share price has tumbled 8% to 39 cents. Earlier today the medication management platform provider announced the opening of its retail entitlement offer. That offer will see eligible shareholders able to subscribe for 1 new share for every 2.5 shares they own for an issue price of 38 cents per new share. The maximum raised under the offer will be just a touch under $18 million.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has fallen 2.5% to $11.23. This is despite the sports betting company providing an update on its US operations. According to the release, the company has now launched in the State of Colorado and taken its first bet. Management is now focusing on its next launch, which is planned for Michigan in the third quarter of FY 2021. Michigan will also see the inaugural launch of PointsBet's iGaming product.
