In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging higher again. At the time of writing, the benchmark index is up a sizeable 1% to 7,380.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 3% to $11.22. There may be a couple of catalysts for the weakness in this ecommerce company's shares today. One is the ACCC revealing that it plans to look into online marketplace practices. The other is a broker note out of Credit Suisse. Although the broker has retained its outperform rating, it has slashed its price target by 15% to $15.21. This was in response to Kogan's business update yesterday.
Service Stream Limited (ASX: SSM)
The Service Stream share price has fallen 1.5% to 94.5 cents. This morning the essential network services company revealed that it successfully completed its placement and institutional entitlement offer to raise $130 million at 90 cents per new share. It will now seek to raise a further $55 million from retail shareholders. These funds will be used to acquire the Lendlease Group (ASX: LLC) Services business.
Whispir Ltd (ASX: WSP)
The Whispir share price is down 1.5% to $2.78. This is despite the company being the subject of a positive broker note this morning. According to a note out of Ord Minnett, its analysts have responded to Whispir's quarterly update by retaining their buy rating and lifting their price target to $4.30. Though, with its shares rising strongly yesterday, some investors may be taking profit today.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 7.5% to $7.00. Investors have been selling the buy now pay later provider's shares following the release of its fourth quarter update. Although Zip reported a 116% year on year increase in quarterly total transaction volume (TTV) to $1.8 billion and a 104% increase in quarterly revenue to $129.9 million, this was still short of the market's lofty expectations.
