The S&P/ASX 200 Index (ASX: XJO) is on track to end the week with a solid gain. In afternoon trade, the benchmark index is up 0.45% to 7,006.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Amcor (ASX: AMC)
The Amcor share price is down almost 3% to $17.80. This appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has downgraded the packaging companyâs shares to an equal-weight rating from overweight. Morgan Stanley has concerns about Amcorâs outlook.
Arafura Resources Limited (ASX: ARU)
The Arafura share price is down 14% to 27.5 cents. This morning this rare earths company announced that it has received firm commitments to raise $41.5 million via a placement. These funds are being raised at 26.5 cents per new share, which represents a 17% discount to its last close price. Proceeds will be used to progress the development of the Nolans Project.
Block Inc (ASX: SQ2)
The Block share price is down 6% to $118.48. Investors have been selling this payments companyâs shares after its second quarter update disappointed. Although Block delivered a result largely in line with the marketâs expectations, its guidance appears to have underwhelmed investors. The company is expecting its growth to moderate early in the third quarter.
Janus Henderson Group (ASX: JHG)
The Janus Henderson share price is down 3% to $35.35. This morning this fund managerâs shares traded ex-dividend for its latest distribution. Eligible shareholders can now look forward to receiving its 55.8 cents per share quarterly unfranked dividend later this month on 24 August.
The post Why Amcor, Arafura, Block, and Janus Henderson shares are dropping appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
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 over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of July 7 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Did Zip really outgrow former ASX favourite Afterpay in the June quarter?
- Block share price tumbles 6% as quarterly earnings sink
- Block share price in danger of sinking following Q2 update
- Brokers name 2 ASX dividend shares to buy now
- 5 things to watch on the ASX 200 on Friday
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. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Amcor Limited and Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/Y8tQBHE
Stock Pick 