Why Bubs, Iress, Link, and Polynovo shares are dropping today

It has been a fantastic day for the S&P/ASX 200 Index (ASX: XJO) on Thursday. In afternoon trade, the benchmark index is up 1.95% to 6,588.8 points.

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

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down 2% to 51 cents. Investors appear to have concerns with the infant formula company’s plans in China. Although it has gained access to the market through a joint venture, its formula for that market will no longer be manufactured in Australia. This will make it just one of the countless other China-made infant formulas and could dilute its Aussie Bubs branding.

Iress Ltd (ASX: IRE)

The Iress share price has crashed almost 17% to $8.77. This follows the release of a trading update at its annual general meeting. According to its release, Iress is experiencing some timing delays in the conversion of new sales opportunities due to challenging market conditions. As a result, FY 2022 net profit after tax is now expected to be between $54 million and $58 million, down from its prior guidance of $63 million to $72 million.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is down 2% to $2.94. This has been driven by the administration services company’s shares trading ex-dividend this morning for its special dividend. Link shareholders can now look forward to receiving their 8 cents per share special dividend on 14 October.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is down 3% to $1.41. This is despite there being no news out of the medical device company today. However, it is worth noting that the Polynovo share price has been a very positive performer this week during the market volatility. As a result, it is still up almost 1% this week despite this decline.

The post Why Bubs, Iress, Link, and Polynovo shares are dropping today appeared first on The Motley Fool Australia.

.

More reading

• Iress share price freefalls 15% on profit downgrade
• 5 things to watch on the ASX 200 on Thursday
• Bubs share price smashes ASX All Ords following China deal
• Bubs share price halted amid JV news from China
• Why BHP, Costa, Link, and Syrah shares are dropping

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 Link Administration Holdings Ltd and POLYNOVO FPO. The Motley Fool Australia has recommended BUBS AUST FPO. 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/lHE0WVv