In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a solid gain. At the time of writing, the benchmark index is up 0.5% to 7,210.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are falling:
Bigtincan Holdings Ltd (ASX: BTH)
The Bigtincan share price is down 18% to 59 cents. This follows the companyâs strange decision to raise capital while it is the subject of a takeover approach. Bigtincan has raised $30 million from institutional investors at 60 cents per new share. SQN, which is aiming to acquire Bigtincan for 80 cents per share, described the decision as âvalue-destructiveâ for shareholders. Investors appear concerned it could now withdraw its offer.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 2.5% to $1.15. Investors have been selling this lithium developerâs shares this week after it was the subject of a bearish note out of Goldman Sachs. The broker initiated coverage on Core Lithium with a sell rating and $1.00 price target. Goldman is expecting lithium prices to tumble materially from the second half of next year.
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle share price is down 4.5% to $8.38. This morning, this investment management company released an update on its performance fees. According to the release, for the 12 months ended 31 December, Pinnacle expects its net share of performance fees from affiliates to be potentially less than $1 million. This compares with $6.4 million for the corresponding period.
Warrego Energy Ltd (ASX: WGO)
The Warrego Energy share price is down 2.5% to 29.75 cents. Investors have been selling this energy explorerâs shares after Beach Energy Ltd (ASX: BPT) withdrew from the race to acquire the company. This leaves Hancock Energy in pole position to complete the deal.
The post Why Bigtincan, Core Lithium, Pinnacle, and Warrego shares are dropping today appeared first on The Motley Fool Australia.
Turn the market pullback to your advantage today
The recent market pullback in stocks has been eye watering…
But there is a silver lining because historically, some millionaires are made in bear markets.
And when investors can find world-class stocks at severe discounts you have to wonder…
Have you got these four ‘pullback stocks’ in your portfolio?
See The 4 Stocks
*Returns as of December 1 2022
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More reading
- Why Beach, Chalice Mining, Nitro, and Rio Tinto shares are rising today
- Why is ASX tech share Bigtincan crashing 20% on Friday?
- Why are ASX 200 lithium shares taking another beating on Friday?
- Warrego Energy share price slides as Hancock takeover offer trumps Beach
- Has the Core Lithium share price ‘run ahead of fundamentals’?
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 Bigtincan and Pinnacle Investment Management Group. The Motley Fool Australia has positions in and has recommended Bigtincan and Pinnacle Investment Management Group. 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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