Why Adore Beauty, Bank of Queensland, Bega Cheese, & McPherson’s are dropping lower

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the month in stunning fashion. At the time of writing, the benchmark index is up over 1.1% to 6,592.4 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are dropping lower:

Adore Beauty Group Ltd (ASX: ABY)

The Adore Beauty share price is down almost 2% to $6.39. This is despite the release of a positive trading update this morning by the online beauty retailer. That update revealed that trading has been stronger than expected, leading to an upgrade to its guidance. Management is now expecting first half revenue to come in at approximately $95.2 million. This exceeds its prospectus forecast of $89…