The S&P/ASX 200 Index (ASX: XJO) is on form again and on course to end the week on a positive note. In afternoon trade, the benchmark index is up 0.95% to 7,426.8 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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Kogan.com Ltd (ASX: KGN)
The Kogan share price has crashed 13% to a new multi-year low of $3.95. This morning the ecommerce company released its third quarter update and revealed that its sales fell 3.8% to $262.1 million. In addition, further margin weakness led to the embattled retailer reporting an operating loss of $0.8 million for period. Kogan also conceded that it has once again got it wrong with its inventory management.
Reliance Worldwide Corporation Ltd (ASX: RWC)
The Reliance share price is down 1.5% to $3.95. This follows the release of a trading update out of the plumbing parts company this morning. For the nine months ended 31 March, Reliance reported a 14% increase in sales to $845 million. This was overshadowed by margin pressures caused by higher input costs, which led to its EBITDA falling 8% year on year to $182.6 million.
ResMed Inc (ASX: RMD)
The ResMed share price is down 5% to $28.88. Investors have been selling this sleep treatment company's shares after its quarterly update fell short of expectations. ResMed posted a 12% increase in revenue to US$864.5 million and a 2% lift in earnings per share to US$1.32. Goldman Sachs points out that this missed consensus estimates by 5% and 9%, respectively.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire share price is down 3% to $5.65. This appears to have been driven by profit taking after a very strong gain on Thursday following its quarterly update. Though, analysts at Morgans think it is worth holding onto Sandfire's shares. This morning the broker put an add rating and $7.50 price target on its shares.
