In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,000.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Blackmores Limited (ASX: BKL)
The Blackmores share price is down 11% to $75.02. This appears to have been driven by a broker note out of Credit Suisse this morning. In response to the health supplements company’s half year results, the broker has downgraded its shares to a neutral rating and cut the price target on them by 10% to $90.00. Elsewhere, Citi has retained its sell rating with a $73.16 price target.
BWX Ltd (ASX: BWX)
The BWX share price has crashed 26% lower to $2.49. This follows the release of the personal care products half year results this morning. Despite posting strong top line growth, the Sukin owner reported a loss after tax of $2.3 million. Management blamed this loss on one-offs.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 6% to $5.26. This is a big improvement from earlier in the day when the ecommerce company’s shares were down as much as 20% to a new 52-week low. Investors have been hitting the sell button today after Kogan swung to a loss during the first half of FY 2022. It also reported a 17% decline in core Kogan.com revenue for the period.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 9% to $17.97. This morning the embattled fund manager revealed that its funds under management (FUM) has declined meaningfully once again. Magellan reported that its total FUM now stands at $77.2 billion. That’s down 11.4% since its last update on 11 February when the company revealed FUM of $87.1 billion.
The post Why Blackmores, BWX, Kogan, and Magellan shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Why is the Kogan (ASX:KGN) share price is crashing 20% on Friday?
- Magellan (ASX:MFG) share price slips 6% as funds continue mass exodus
- ASX 200 (ASX:XJO) midday update: Block rockets, Blackmores sinks
- Kogan (ASX:KGN) share price in limbo amid $11.9m first half loss
- BWX (ASX:BWX) share price plunges 26% after posting after-tax loss in 1H FY22
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Kogan.com ltd. The Motley Fool Australia owns and has recommended Kogan.com ltd. The Motley Fool Australia has recommended BWX Limited and Blackmores Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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