The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. In afternoon trade, the benchmark index is up 0.5% to 7,098.2 points.
Four ASX shares that have failed to climb with the market today are listed below. Hereâs why they are dropping:
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 9% to $8.84. Investors have been hitting the sell button today after the fund manager released another dismal funds under management update. Magellan revealed that its funds under management declined by 10% or $4.9 billion last month. Management also advised that its performance fees would not be material for the six months to 31 December.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 2.5% to $1.63. This follows a poor night of trade for tech shares on Wall Street overnight. Investors were selling tech shares after strong US jobs data appeared to support the Federal Reserveâs aggressive rate hike plans.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down a further 2.5% to $1.79. Investors have been selling this casino and resorts operatorâs shares in recent weeks amid concerns over a proposed new gambling tax. Goldman Sachs warned that the âNSW governmentâs proposed casino tax reforms pose a significant earnings risk for SGRâs Sydney casino.â The Star share price is now down 30% since this time last month.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 4% to 60 cents. This may have been driven by profit taking from some investors after the buy now pay later providerâs shares rocketed higher in recent sessions. Even after todayâs decline, the Zip share price is still up 12% since this time last week.
The post Why Magellan, Pointsbet, Star, and Zip 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 January 5 2023
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More reading
- Magellan share price crashes 9% amid major funds under management decline
- Could this ASX 200 casino operator be in for another year of pain in 2023?
- Why Alkane, Appen, Warrego Energy, and Zip shares are racing higher today
- Flying start: Magellan share price surges 11% in 2023
- Here are the top 10 ASX 200 shares 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 PointsBet and Zip Co. The Motley Fool Australia has recommended PointsBet. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/w3i6R8G
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