In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a high. The benchmark index is currently up 0.3% to 6,730.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:
Atomos Ltd (ASX: AMS)
The Atomos share price has dropped 4% to $1.03. Investors may be taking profit after a strong gain by the video technology company’s shares on Thursday following the release of a trading update. That update revealed that Atomos achieved sales of $32.6 million during the first half. This was well ahead of its previous guidance of ~$28 million.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price has fallen 2% to $16.97. A number of travel shares have been underperforming on Friday. This could be due to news that the Queensland government has locked down the Greater Brisbane area in attempt to stop the spread of a highly contagious strain of COVID-19.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 1.5% to $25.52. Investors may be taking a bit of profit off the table after the iron ore producer’s shares surged to a new record high on Thursday. Fortescue and its peers jumped notably higher after the Democrats took control of the Senate. This sparked hopes that further stimulus will be coming to support economic growth in the United States.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 2.5% to $10.56. This decline appears to be due to a spot of profit taking from investors following a significant rise in the furniture retailer’s shares. Investors have been buying the company’s in recent months following a series of positive updates. One of which came this week, with management revealing that its profits would double in the first half of FY 2021. The Nick Scali share price is up over 60% over the last six months.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- 3 ASX mining shares hitting 52-week highs today
- BHP (ASX:BHP) share price storms to new high
- Why the Atomos (ASX:AMS) share price is shooting the lights out
- 3 highest yielding ASX dividend shares
- Why Atomos, BOD Australia, Galaxy, & Zebit shares are racing higher
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Atomos Ltd. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended Atomos Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Why Atomos, Corporate Travel Management, Fortescue, & Nick Scali are dropping lower appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3hR3jXX
Leave a Reply