The S&P/ASX 200 Index (ASX: XJO) is on course to record the smallest of gains. In afternoon trade, the benchmark index is up a fraction to 7,360.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Hereâs why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 43.2 cents. This is despite there being no news out of the semiconductor company. However, it could be that short sellers are increasing their positions ahead of the upcoming release of this meme stockâs quarterly update.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is down 3% to $3.31. On Tuesday, analysts at Goldman Sachs downgraded this property listings companyâs shares to a neutral rating with a $3.65 price target. The broker sees risks from vendors potentially downgrading marketing spend on one portal over time. It feels Domain is the more likely option for vendors to reduce spending on, rather than the dominant realestate.com.au platform.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down 8% to $1.25. Investors have been selling this casino and resorts operatorâs shares after it released a trading update. The company warned that it is experiencing a significant and rapid deterioration in operating conditions. This is particularly the case at The Star Sydney and The Star Gold Coast. In response, Star announced significant cost and restructuring initiatives.
Tietto Minerals Ltd (ASX: TIE)
The Tietto share price is down 5% to 66.7 cents. This is despite the gold miner releasing an update on the mineral resource of its Abujar project in the Ivory Coast. Investors may have been expecting more than the 10% increase in resource size to 3.83Moz.
The post Why Brainchip, Domain, Star, and Tietto shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- Capital deities and destroyers: The best and worst at putting money to work among ASX 200 shares
- Star Casino share price crumbles 8% on âsignificant and rapid deteriorationâ
- If house prices have bottomed, should I buy property-related ASX shares?
- Here are the top 10 ASX 200 shares today
- These are the 10 most shorted ASX shares this week
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 no position in any of the stocks mentioned. 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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