The S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. In afternoon trade, the benchmark index is up 1.2% to 7,181.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling:
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Betmakers Technology Group Ltd (ASX: BET)
The BetMakers share price is down 15% to $1.36. Investors have been selling the betting technology company's shares after it announced a $4 billion offer to acquire the Tabcorp Holdings Limited (ASX: TAH) Wagering and Media business. This comprises $1 billion in cash and $3 billion in BetMakers shares. The latter could significantly dilute existing shareholders.
CSR Limited (ASX: CSR)
The CSR share price has fallen 5% to $5.59. This decline is almost entirely due to the building materials company's shares trading ex-dividend this morning. Eligible shareholders can look forward to receiving its fully franked 24 cents per share final dividend in their bank accounts on 2 July.
Electro Optic Systems Hldg Ltd (ASX: EOS)
The Electro Optic Systems share price has tumbled 8.5% to $3.83. This follows the release of the communications, defence, and space company's annual general meeting update this morning. At the meeting, the company advised that it expects full year EBIT of between $20 million and $25 million. However, this is before its SpaceLink acquisition costs of $17 million. Management also warned that COVID-19 could have an impact on its financial and operational performance.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down 2% to $27.37. This decline appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has downgraded the medical device company's shares to a neutral rating and cut the price target on them to $30.00. It appears disappointed by management's uncertain outlook for FY 2022.
