In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a high. At the time of writing, the benchmark index is currently up 0.4% to 7,414.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down 2% to $6.60. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded this toll road operator’s shares to a neutral rating and cut the price target on them to $6.66. The broker suspects that higher fuel costs could have a negative impact on traffic volumes.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 3% to $1.20. This follows news that the lithium developer’s founding managing director and CEO, Stephen Biggins, is resigning and will step down from the role by the end of the year. The release notes that Mr Biggins is resigning from the company for personal reasons.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down over 1% to $28.61. This is despite the release of the retail giant’s half year results, which revealed earnings before interest and tax ahead of guidance at $212 million. The Smiggle and Peter Alexander owner also declared a record fully franked interim dividend of 46 cents per share. Some investors appear to have been betting on a stronger result.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down 9.5% to $4.29. This is despite there being no news out of the radiopharmaceuticals company. Earlier this week, Telix revealed that the buildout of its Belgian production facility has begun. To fund the development, the company has secured an $18.2 million loan and applied for $3 million of grants.
The post Why Atlas Arteria, Core Lithium, Premier, and Telix shares are dropping appeared first on The Motley Fool Australia.
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More reading
- The Premier Investments (ASX:PMV) dividend just jumped 35%. Here’s what you need to know
- Why is the Telix Pharmaceuticals (ASX:TLX) share price plunging 14%?
- ASX 200 (ASX:XJO) midday update: Premier’s record dividend, BHP upgraded
- Core Lithium (ASX:CXO) share price falls on shock CEO exit
- Premier (ASX:PMV) share price on watch after earnings beat and record dividend
Motley Fool contributor James Mickleboro owns TELIXPHARM DEF SET. 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 recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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