In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 8,238 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is down 3.5% to $6.65. This has been driven by the regional bank's shares going ex-dividend this morning. Earlier this month, Bank of Queensland released its full year results and declared a fully franked final dividend of 17 cents per share. Based on yesterday's close price, this equates to a 2.5% dividend yield. Eligible shareholders can now look forward to receiving this payout next month on 19 November.
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 2% to 92 cents. This follows the release of the counterdrone technology company's third quarter update. DroneShield revealed that its year to date revenue is down 20% to $31.1 million. However, management highlights that this doesn't include orders already delivered and scheduled for the fourth quarter worth an estimated $24.1 million in revenue. As a result, it estimates that its FY 2024 revenue currently stands at $55.2 million, with still two a bit months left to run before the close of the year. DroneShield's sales pipeline is currently a sizeable $1.1 billion.
Metcash Ltd (ASX: MTS)
The Metcash share price is down 3% to $3.20. Investors have been selling the wholesale distributor's shares following the release of a trading update. Metcash revealed that it expects that its first half underlying net profit after tax will be $132 million to $135 million. This compares unfavourably to $142.5 million in the prior corresponding period. Management blamed this on tough trading conditions in the hardware market. It is responding by implementing additional cost management initiatives and accelerating its strategic initiatives to drive market share gains.
Newmont Corporation (ASX: NEM)
The Newmont Corporation share price is down a further 11% to $72.41. This gold miner's shares have come under significant pressure since the release of its third quarter update on Thursday. The company revealed that gold production was up 4% on the prior quarter to 1.7 million ounces. This was largely in line with the market's estimates. However, with its costs coming in higher than expected, Newmont's earnings per share of 81 US cents missed consensus estimates.
The post Why Bank of Queensland, DroneShield, Metcash, and Newmont shares are dropping today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. The Motley Fool Australia has recommended Metcash. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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