In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with on a positive note. At the time of writing, the benchmark index is up 2.2% to 6,990.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
AnteoTech Ltd (ASX: ADO)
The AnteoTech share price has crashed 25% to 23.5 cents. This follows the release of an update on its EuGeni Reader and COVID-19 Rapid Diagnostic Test (RDT). According to the release, AnteoTech has received a request for further information from the Therapeutic Goods Administration (TGA). This relates to the collection of additional clinical data, together with other aspects of information. These delays could see AnteoTech miss out on the incredible demand for rapid antigen tests at present.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is down 6% to $21.64. Investors have been selling gold shares today following a pullback in the price of the precious metal. In addition, Newcrest released its second quarter update this morning which shows that it will need a very strong second half to achieve its guidance. Newcrest recorded half year gold production of 832.3koz, which compares to its FY 2022 guidance of 1,800koz to 2,000koz.
Nitro Software Ltd (ASX: NTO)
The Nitro share price is down 3.5% to $1.78. This is despite the document productivity company releasing a fourth quarter update which revealed that it achieved the low end of its guidance in FY 2021. Nitro delivered a 41% increase in Annual Recurring Revenue (ARR) to US$40.1 million over the 12 months. Investors appear to have been expecting stronger growth.
ResMed Inc. (ASX: RMD)
The ResMed share price is down 1% to $31.11 after its second quarter update fell a touch short of expectations. The sleep treatment company reported a 12% increase in revenue to US$894.9 million and a 12% lift in net income to US$201.8 million. Goldman Sachs notes that its revenue was 3% below consensus estimates due to weaker than expected device sales because of supply chain challenges.
The post Why AnteoTech, Newcrest, Nitro, and ResMed shares are falling appeared first on The Motley Fool Australia.
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More reading
- Here’s why the Nitro (ASX:NTO) share price is backtracking 6% today
- Why the AnteoTech (ASX:ADO) share price is plummeting 23% on Friday
- ASX 200 (ASX:XJO) midday update: ResMed and PointsBet disappoint
- Newcrest (ASX:NCM) share price down 4% following Q2 update
- ResMed (ASX:RMD) share price on watch after Q2 update disappoints
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 recommended Nitro Software Limited and ResMed Inc. 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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