Why Block, CBA, Mesoblast, and NAB shares are dropping today

In afternoon 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 slightly to 7,024.4 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Block Inc (ASX: SQ2)

The Block share price is down over 2% to $123.99. This follows a poor night of trade for the payments company’s NYSE listed shares. Investors were selling its US based shares after investors were spooked by a disappointing update from a tech giant.

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down almost 1.5% to $101.31. This appears to have been driven by the release of an update from a big four rival and a broker note out of Morgan Stanley. In respect to the latter, the broker has retained its underperform rating with an $82.00 price target on the banking giant’s shares.

Mesoblast limited (ASX: MSB)

The Mesoblast share price is down 6% to 87.5 cents. This morning the allogeneic cellular medicines developer announced the completion of a US$45 million (A$65 million) placement to institutional investors. This was led by its largest shareholder, M&G Investments, and strongly supported by its major Australian and American shareholders. The private placement was undertaken at 19.4% discount of A$0.75 per share.

National Australia Bank Ltd (ASX: NAB)

The NAB share price is down 3% to $29.74. Investors have been selling this banking giant’s shares after its third quarter update disappointed. Although NAB delivered a cash profit that was in line with expectations, it raised its cost growth guidance for the second time in FY 2022. It now expects cost growth of 3% to 4% for the year.

The post Why Block, CBA, Mesoblast, and NAB shares are dropping today appeared first on The Motley Fool Australia.

(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

• Mesoblast share price slides 8% following $65m capital injection
• NAB share price lags other ASX 200 banks following quarterly update
• NAB share price in focus following $1.8bn Q3 cash profit and cost growth revision
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX 200 shares today

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 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/zqxsDRn