The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher on Wednesday. In afternoon trade, the benchmark index is up 0.7% to 7,634.9 points.
Four ASX shares that have failed to follow the market’s lead are listed below. Here’s why they are falling:
CSR Ltd (ASX: CSR)
The CSR share price is down 5% to $6.52. Investors have been selling this building products company’s shares after it was downgraded by analysts at UBS. The broker has downgraded CSR’s shares all the way from a buy to a sell with a $6.60 price target. It believes the risks are to the downside now following a strong gain over the last 12 months.
Janison Education Group Ltd (ASX: JAN)
The Janison share price is down 6.5% to 35 cents. This may have been driven by profit taking from some investors. After all, the education technology company’s shares jumped 47% on Tuesday in response to a major contract win from the NSW Department of Education and Cambridge University Press.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down 4.5% to 72.5 cents. This also could have been caused by profit taking from some investors. The department store operator’s shares jumped on Tuesday after delivering a better than feared trading update. This morning, Ord Minnett responded by retaining its hold rating and 75 cents price target.
Santos Ltd (ASX: STO)
The Santos share price is down 6% to $7.37. Investors have been hitting the sell button today after takeover talks with Woodside Energy Group Ltd (ASX: WDS) concluded without a deal. Woodside’s CEO, Meg O’Neill, advised that for every opportunity it assesses, it conducts thorough due diligence, and will only pursue a transaction that is value accretive for its shareholders. Santos doesn’t appear to have ticked this box.
The post Why CSR, Janison, Myer, and Santos shares are tumbling today appeared first on The Motley Fool Australia.
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More reading
- Why Inghams, Janison, Myer, and Nick Scali shares are rising today
- Why is the Janison Education share price rocketing 42% on Tuesday?
- Why is the Myer share price jumping 13% today?
- 5 things to watch on the ASX 200 on Monday
- Here’s why Santos shares are making ASX news on Thursday
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Janison Education Group. The Motley Fool Australia has recommended Janison Education 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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