The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. In afternoon trade, the benchmark index is up 0.3% to 7,465 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
BrainChip Holdings Ltd (ASX: BRN)
The BrainChip share price is down 10% to 54.5 cents. Investors have been selling this artificial intelligence technology company’s shares after it announced the appointment of its new CEO. According to the release, the company has appointed Sean Hehir as its new CEO, with effect from 29 November 2021. The market may have been hoping for a more experienced CEO or one with a background in artificial intelligence.
HT&E Ltd (ASX: HT1)
The HT&E share price is down 6.5% to $1.79. This follows the release of a trading update at the outdoor advertising and media company’s annual general meeting. That update revealed that the company’s growth has continued in the second half. However, it appears as though some investors were expecting stronger growth.
Platinum Asset Management Ltd (ASX: PTM)
The Platinum share price is down 2% to $2.91. This could have been driven by a broker note out of UBS last week. That note revealed that UBS has commenced coverage on the fund manager with a sell rating and lowly $2.25 price target.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 1.5% to $2.44. Investors have been selling this coal miner’s shares after a climate deal was reached at COP26. That agreement will see the world phase down coal use. Though, one slight positive for Whitehaven is that the wording of the agreement was changed late on from phase “out”.
The post Why BrainChip, HT&E, Platinum, and Whitehaven Coal are dropping appeared first on The Motley Fool Australia.
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More reading
- Here’s why ASX 200 coal shares are in the spotlight today
- Why the BrainChip (ASX:BRN) share price is sinking 9% today
- Why are ASX 200 resources shares booming again on Friday?
- Up 42% in a month: What’s the go with the Brainchip (ASX:BRN) share price?
- The HT&E (ASX:HT1) share price is up 7% on acquisition update
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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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