The S&P/ASX 200 Index (ASX: XJO) has started the week in a subdued fashion. In afternoon trade, the benchmark index is up a few points to 7,028.5 points.
Four ASX shares that are weighing on the market today are listed below. Here's why they are dropping:
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Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 3.5% to 39.5 cents. This morning analysts at Citi retained their sell rating and 35 cents price target on the infant formula company's shares. This follows the release of its third quarter update. While the broker notes that there are signs of improvement, it isn't enough to become more positive. Particularly given how difficult it is for a small brand like Bubs to compete with far bigger players in China. It also sees the declining Chinese birth rate as a potential issue.
IDP Education Ltd (ASX: IEL)
The IDP Education share price has fallen 4.5% to $21.67. This decline appears to be due to concerns over demand for its services in the key India market due to rising COVID-19 cases. The Indian market is the biggest contributor to IDP Education's profits, so the current crisis poses significant downside risk to earnings.
ResMed Inc. (ASX: RMD)
The ResMed share price has sunk 5.5% to $24.75. Today's weakness follows a sharp decline on Friday night on Wall Street by its US-listed shares. Investors were selling ResMed's shares after its third quarter update fell a touch short of expectations. Elsewhere, this morning Citi downgraded its shares to a neutral rating with a $28.50 price target.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has fallen 2.5% to $3.65. This morning the payments company released its weekly update. And while that update revealed a 147% year on year increase in transaction value in April to $2.246 billion, this was broadly flat month on month. Investors appear disappointed with its lack of sequential growth.
