Why Amcor, Australian Strategic Materials, Goodman, and Pilbara Minerals are dropping

The S&P/ASX 200 Index (ASX: XJO) is fighting hard to keep its winning streak alive. In late trade, the benchmark index is up 0.2% to 6,989.8 points.

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

Amcor PLC (ASX: AMC)

The Amcor share price is down 4% to $17.37. This morning this packaging company released its quarterly update and revealed a 9% increase in revenue to US$3,712 million and a 15% jump in net income to US$232 million. Investors still sold down Amcor’s shares despite its revenue being US$200 million ahead of estimates and its earnings being in-line.

Australian Strategic Materials (Holdings) Ltd (ASX: ASM)

The Australian Strategic Materials share price is down 9% to $1.80. Investors have been selling this integrated materials company’s shares after it announced firm commitments for a $30 million institutional placement. These funds are being raised at a 12.4% discount of $1.73 per new share. The proceeds will be used to accelerate development of its Korean Metals Plant and Dubbo Project.

Goodman Group (ASX: GMG)

The Goodman share price is down 3% to $17.11. This morning Goodman released its first quarter update and revealed that FY 2023 has started positively. And while the company has reaffirmed its earnings growth guidance of 11%, some investors may have been expecting an upgrade. Goodman famously under-promises and over-delivers.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 3.5% to $5.12. This is despite there being no news out of the lithium miner today. However, a number of the lithium shares are falling today. This may have been driven by profit taking after some strong gains recently.

The post Why Amcor, Australian Strategic Materials, Goodman, and Pilbara Minerals are dropping appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most traded ASX 200 shares on Wednesday
• Goodman share price drops 3% on Q1 update
• Which ASX 200 mining shares managed to dig up gains in October?
• These were the best ASX lithium shares to buy in October
• Here are the 3 most traded ASX 200 shares on Tuesday

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 positions in and has recommended Amcor Limited. 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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