Why Audio Pixels, Lake Resources, Link, and Magellan shares are dropping

The S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. In afternoon trade, the benchmark index is up 1.15% to 6,614.3 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Audio Pixels Holdings Ltd (ASX: AKP)

The Audio Pixels share price is down 2% to $17.44. Investors have been selling this digital speaker developer’s shares amid news that the Australian share market operator is querying the status of the demonstration of its playing chips. For around a decade, Audio Pixels has been promising game-changing digital speaker technology. But every time it gets close to finally revealing it, something seems to happen that delays things.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is down 4% to 73 cents. This is despite there being no news out of the lithium developer. However, it is worth noting that a number of lithium shares are falling on Monday despite the market pushing higher.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is down 1.5% to $3.75. This morning this administration services company rejected a takeover proposal from Dye & Durham. Last week the proposal was reduced from $5.50 per share down to $4.30 per share. The two parties are continuing discussions but Link will need a higher offer if a deal is going to be reached.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has sunk 9% to $11.81. This appears to have been driven by news that co-founder Hamish Douglass has been selling shares. Throughout June, Douglass offloaded approximately 760,000 Magellan shares. They have a current market value in the region of $9 million.

The post Why Audio Pixels, Lake Resources, Link, and Magellan shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is the Magellan share price sinking 9% today?
• Why did the Magellan share price fall 17% in June?
• ASX 200 midday update: Suncorp’s update, Magellan sinks
• Up 138% in a year and 1800% in five years. Why did the Lake Resources share price soar in FY22?
• Link share price drops on takeover rejection

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 Link Administration Holdings Ltd. 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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