Why shares of Bowen Coking Coal, Lake Resources, Premier and ResApp are falling

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In the afternoon, the S&P/ASX 200 Index (ASX:XJO) is back in shape and on track to record a strong gain. As of this writing, the benchmark is up 1.5% to 6,531.6 points.

Four ASX stocks that failed to follow the market’s lead are listed below. Here’s why they drop lower:

Bowen Coking Coal Ltd (ASX: BCB)

Bowen Coking Coal’s share price is down 17% to 28.5 cents. This morning, this coal miner revealed that it had completed a series of financing arrangements totaling approximately $190 million. These funds will be used to support the company’s development of its development-ready coking coal asset portfolio.

Lake Resources’ share price crashed 17% to $1.12. Shares of this lithium developer fell sharply this week following the announcement of the shock exit of its chief executive, Steve Promnitz. In addition, rising short-term interest rates are causing concern.

Premier Investments Limited (ASX: PMV)

Premier Investments stock price fell almost 2.5% to $19.67. The decline was driven by shares of the retail conglomerate which are trading ex-dividend this morning. Eligible shareholders can now expect to receive the fully franked dividend of 46 cents per share from Smiggle’s owner on July 27.

ResApp’s share price plummeted 31% to 12 cents. This morning, the digital health company revealed disappointing study results for its COVID-19 smartphone algorithm. This means Pfizer Australia’s proposed takeover will be 14.6 cents per share instead of 20.7 cents per share. That’s if the healthcare giant pursues its takeover following the poor results.