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 0.15% to 7,043.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price is down 2.5% to $8.54. Investors have been selling this regional bankâs shares following the release of a broker note out of UBS. Its analysts have downgraded the bankâs shares to a sell rating and slashed their price target to $8.00. It expects rising funding costs, higher than expected bad debts, and intense competition for deposits to weigh on its performance.
Jervois Global Ltd (ASX: JRV)
The Jervois Global share price has crashed 40% to 6.9 cents. This has been driven by news that the company has suspended the construction of its cobalt operation in the United States. Management made the move in response to low cobalt prices and inflationary pressures. The company has already spent US$130 million on its construction. It aims to resume work once prices recover.
Megaport Ltd (ASX: MP1)
The Megaport share price is down 5% to $4.00. This means the network services providerâs shares have given back all of yesterdayâs gains and some more. Although it named its new CEO on Tuesday, it also revealed the exit of its CFO with immediate effect. Investors may be concerned that all is not well behind the scenes at Megaport. Its previous CEO quit abruptly earlier this month.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 2% to $27.11. This also appears to have been driven by a broker note out of UBS. Its analysts have become bearish on NAB for the same reasons and have downgraded its shares to a sell rating. They have also slashed their price target by $8 to $25.00.
The post Why Bendigo and Adelaide Bank, Jervois Global, Megaport, and NAB are dropping today appeared first on The Motley Fool Australia.
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More reading
- Why did this ASX All Ords mining share just crash 30%?
- If I buy NAB shares today, what could my returns be in a year’s time?
- Megaport share price jumps on CEO news
- Is right now a once-in-a-decade opportunity to buy ASX 200 bank shares?
- Investing in ASX 200 banks for dividends? Read this
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 Megaport. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank. The Motley Fool Australia has recommended Megaport. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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