In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. At the time of writing, the benchmark index is up 1.1% to 7,184.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 22% to $6.47. Investors have been selling this artificial intelligence data services company’s shares after Telus International withdrew its takeover proposal. The offer was withdrawn without comment but appears to have been triggered by the proposal being leaked to the press. Appen advised that it doesn’t know who leaked details of the offer.
Catapult Group International Ltd (ASX: CAT)
The Catapult share price is down a further 6% to 96 cents. Investors have been selling this sports technology company’s shares since the release of a disappointing full-year result this week. Although Catapult reported a 19.7% increase in annual contract value (ACV) to US$63.9 million, its underlying EBITDA swung to a loss of US$5.8 million from a profit of US$3.5 million in FY 2021.
CSR Limited (ASX: CSR)
The CSR share price is down 4.5% to $4.68. The majority of this decline has been driven by the building products company’s shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving its 18 cents per share fully franked dividend on 1 July.
Select Harvests Limited (ASX: SHV)
The Select Harvests share price is down 6% to $5.60. This follows the release of the almond producer’s half year results. While Select Harvests reported a large increase in profits, it was still down materially from 2020’s levels. Select Harvests reported a half-year net profit of $2 million, up from $1.3 million in FY 2021 but down from $17.4 million in FY 2020.
The post Why Appen, Catapult, CSR, and Select Harvests shares are dropping appeared first on The Motley Fool Australia.
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More reading
- ASX 200 midday update: Appen crashes, lithum shares jump
- Why the CSR share price is backtracking today
- Appen share price crashes 25% after Telus withdraws takeover offer
- Appen share price on watch amid takeover offer collapse
- 5 things to watch on the ASX 200 on Friday
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 Appen Ltd and Catapult Group International Ltd. The Motley Fool Australia has positions in and has recommended Catapult Group International Ltd. 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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