In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing the benchmark index is up 0.3% to 6,105.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 1.5% to $12.10. This appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the travel company’s shares to a neutral rating with a $13.50 price target. This follows its update on Thursday which revealed expectations for a major loss in FY 2020.
The Navigator Global Investments Ltd (ASX: NGI) share price has crashed almost 10% lower to $1.74. This appears to be down to profit taking after some strong gains following the release of its FY 2020 full year results earlier this week. One broker that sees this share price weakness as a buying opportunity is Macquarie. This morning it put an outperform rating and $2.23 price target on the investment company’s shares.
The Newcrest Mining Limited (ASX: NCM) share price is down almost 1% to $34.23. Investors have been selling the gold miner’s shares after its guidance for FY 2021 underwhelmed and offset a rise in the gold price overnight. Newcrest expects another decline in production this year. This follows a 13% decline in production in FY 2020.
The Whitehaven Coal Ltd (ASX: WHC) share price has fallen 3.5% to $1.32. This follows news that a group of shareholders are trying to shut down the business. A group of shareholders, led by activist shareholder Market Forces, will propose shutting down the business and returning capital to investors at the miner’s next annual general meeting.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
Find out the names of our 3 Post COVID Stocks – For FREE!
*Returns as of 6/8/2020
More reading
- Brokers just downgraded the Telstra share price and these other ASX 200 stocks
- ASX 200 up 0.3%: NAB Q3 update, Mesoblast rockets, Newcrest guidance disappoints
- Newcrest Mining share price lower after FY 2020 result
- 5 things to watch on the ASX 200 on Friday
- Here’s why the Navigator Global share price surged 39% today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Why Flight Centre, Navigator Global, Newcrest, & Whitehaven Coal are dropping lower appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3iBcdYL
Leave a Reply