The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 7,474.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is down almost 4% to $2.06. This follows the release of the coal minerâs quarterly and full year update. Coronado Global reported a 66.2% increase in full year revenue to a record of US$3,572 million. However, investors appear disappointing by a significant increase in its average mining costs to US$88.40 per tonne. Management blamed inflationary pressures and wet weather.
Mincor Resources NL (ASX: MCR)
The Mincor share price is down 6% to $1.73. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the nickel developerâs shares to a neutral rating with a $1.80 price target. Macquarie made the move largely on valuation grounds.
OFX Group Ltd (ASX: OFX)
The OFX share price is down almost 4% to $2.30. This follows the release of the international money services providerâs third quarter update. Although OFX delivered solid growth over the prior corresponding period, its numbers were down slightly quarter on quarter. Nevertheless, management has reaffirmed its guidance for FY 2023.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 7% to 77.5 cents. This is despite the buy now pay later provider reporting a record quarterly performance this morning. The company also revealed that its US operations were profitable at an operating level during the latter two months of the period. However, with Zipâs shares rocketing higher yesterday, a lot of this may have already been factored into its valuation.
The post Why Coronado Global, Mincor, OFX, and Zip shares are dropping today appeared first on The Motley Fool Australia.
4 ways to prepare for the next bull market
It’s a scary market. But staying in cash when inflation is surging likely won’t do investors any good either.
And when some world-class companies have pulled back considerably from their recent highs… All while their fundamentals remain unchanged…
It begs the question…
Do you have these 4 stocks in your portfolio?
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*Returns as of January 5 2023
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More reading
- Zip share price on the move amid record quarter and US profitability
- Why Boss Energy, Pilbara Minerals, Sezzle, and Zip shares are charging higher
- Why is the Zip share price rocketing 18% higher today?
- Here are the top 10 ASX 200 shares today
- Should I buy the dip on Zip shares right now?
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