In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is well and truly back on form and surging higher. The benchmark index is currently up 1.65% to 6,848.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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AGL Energy Limited (ASX: AGL)
The AGL share price is down almost 1.5% to $9.68. Investors have been selling the energy company's shares after analysts suggested its plan to split into two might not be a good move. Goldman Sachs named seven concerns it has with the proposal this morning. Elsewhere, Ord Minnett responded by downgrading its shares to a hold rating and slashing its price target by 22% to $11.00.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down a further 2% to 48 cents. Investors have been selling the infant formula company's shares this year due to its poor performance in the first half and concerns over its outlook. Although its shares hit a 52-week low today, one broker believes they can go even lower. Citi recently reaffirmed its sell rating and 35 cents price target.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price has fallen almost 4% to $5.73. This decline is almost entirely attributable to the retail giant's shares going ex-dividend this morning for its interim dividend. Eligible Harvey Norman shareholders can look forward to receiving its fully franked 20 cents per share dividend on 3 May.
Openpay Group Ltd (ASX: OPY)
The Openpay share price has returned from its trading halt and tumbled 5% to $2.29. This morning the buy now pay later provider announced a $67.5 million funding package. This comprises a $37.5 million institutional placement, a $25 million corporate debt facility, and a $5 million share purchase plan. The placement was undertaken at $2.03 per new share, which represents a 15.8% discount to its last close price. Management intends to use the funds to accelerate its international expansion following its partnership with Worldpay.
