In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a high. The benchmark index is currently up 0.3% to 6,730.4 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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Atomos Ltd (ASX: AMS)
The Atomos share price has dropped 4% to $1.03. Investors may be taking profit after a strong gain by the video technology company's shares on Thursday following the release of a trading update. That update revealed that Atomos achieved sales of $32.6 million during the first half. This was well ahead of its previous guidance of ~$28 million.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price has fallen 2% to $16.97. A number of travel shares have been underperforming on Friday. This could be due to news that the Queensland government has locked down the Greater Brisbane area in attempt to stop the spread of a highly contagious strain of COVID-19.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 1.5% to $25.52. Investors may be taking a bit of profit off the table after the iron ore producer's shares surged to a new record high on Thursday. Fortescue and its peers jumped notably higher after the Democrats took control of the Senate. This sparked hopes that further stimulus will be coming to support economic growth in the United States.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 2.5% to $10.56. This decline appears to be due to a spot of profit taking from investors following a significant rise in the furniture retailer's shares. Investors have been buying the company's in recent months following a series of positive updates. One of which came this week, with management revealing that its profits would double in the first half of FY 2021. The Nick Scali share price is up over 60% over the last six months.
