In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to bounce back from yesterday's decline. The benchmark index is currently up 0.2% to 6,709.8 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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Altium Limited (ASX: ALU)
The Altium share price is down 2.5% to $29.98 following the release of its guidance for the first half. The electronic design software provider revealed that it expects to deliver revenue of around US$89.6 million for the half. This will be a drop of 3% on the prior corresponding period. Management advised that COVID-19 lockdowns have been impacting its sales and led to declines in the United States and Europe.
Clover Corporation Limited (ASX: CLV)
The Clover share price has crashed 9.5% lower to $1.43. This is despite there being no news out of the specialist ingredients company. However, in October the company warned that its performance had been impacted by a significant reduction in demand from infant formula producers. Investors may not be confident that demand will rebound quickly.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price has sunk 8% lower to $3.11. Investors have been selling the medical device company's shares after the release of a trading update. Although that update revealed that PolyNovo delivered a 31% increase in first half sales, it would have been much stronger had its second quarter performance not underwhelmed. The company delivered a 75% increase in sales during the first quarter, but this was offset partly by soft sales in October and November.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has fallen 6% to $2.95. Investors appear to have been selling the payments company's shares amid reports that some of its customers are still dealing with an outage from last week. There may be fears that this bad publicity could have a negative impact on new customer signups.
