The S&P/ASX 200 Index (ASX: XJO) has started the week in a positive fashion. In afternoon trade, the benchmark index is up 0.5% to 7,239.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 2.5% to 17.5 cents. This morning, Bubs revealed that Chinese distributor Willis Trading is now seeking to return the inventory for which it owes $5.65 million. In addition, it claims Bubs' previous management agreed that it could return excess inventory and will now seek a further refund of $7.5 million. It gets worse! Willis claims it is owed $12.9 million of credit for near-expiry stock. No wonder Bubs changed its management team.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down 3% to $1.62. This may have been driven by a broker note out of Citi this morning. Its analysts have downgraded the administration services company's shares to a neutral rating with a $1.60 price target. The broker fears that other super funds could follow HESTA's lead and partner with Grow Inc.
PSC Insurance Group Ltd (ASX: PSI)
The PSC Insurance share price is down 10% to $4.96. This appears to have been driven by profit-taking after a very strong gain on Friday. The gain was so strong that the company was sent a price query by the ASX. The company advised that it was not aware of any information that has not been announced to the market to explain the jump.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is down 3% to $77.39. This is despite there being no news out of the logistics software company today. However, it is worth noting that the tech sector has started the week in the red. This has seen the S&P/ASX All Technology Index (ASX: XTX) fall 0.5% on Monday.
