The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is storming higher. In afternoon trade, the benchmark index is up 0.8% to 7,168.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Boral Limited (ASX: BLD)
The Boral share price is down 3% to $3.11. Investors have been selling this building products company’s shares after it revealed that its earnings have taken a hit from recent inclement weather and higher energy prices. This means that Boral will fall short of its underlying earnings before interest and tax (EBIT) guidance of $145 million and $155 million.
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price is down 3% to $11.50. This morning the automotive retailer released a market update. While that update revealed that demand is very strong, the lack of supply of vehicles is impacting its performance. As a result, its half-year profits are expected to be down ~13% compared to the prior corresponding period.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price is down 5% to $1.23. This share price weakness may be due to ASIC data showing that short sellers have continued to increase their holdings despite some rampant insider buying from the company’s Chairman, David Williams. PolyNovo’s short interest now stands at 10.87%.
Serko Ltd (ASX: SKO)
The Serko share price is down 5% to $4.07. This morning this travel technology company released its full year results for FY 2022. Serko revealed a 17% increase in segment revenue to NZ$19.8 million, which was within its guidance range of NZ$18.5 million to NZ$20.5 million. However, its net losses grew even quicker at 22% to NZ$36 million.
The post Why Boral, Eagers Automotive, PolyNovo, and Serko shares are dropping appeared first on The Motley Fool Australia.
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More reading
- ASX 200 midday update: BlueScope and Fortescue rise, Boral tumbles
- Here’s why the Eagers share price is sliding today
- Boral share price down 3% on earnings hit
- These are the 10 most shorted ASX shares
- What’s going on with the Polynovo share price today?
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 POLYNOVO FPO and Serko Ltd. The Motley Fool Australia has recommended Serko Ltd. 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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