The S&P/ASX 200 Index (ASX: XJO) is back on form on Wednesday. In afternoon trade, the benchmark index is up 0.65% to 7,347.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower today:
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AGL Energy Limited (ASX: AGL)
The AGL share price has sunk 9% to $8.30. This follows the release of an update on the energy company's demerger plans. AGL Energy is planning to become Accel Energy, an electricity generation business focused on the accelerating energy transition. It will then demerge a new entity, AGL Australia, which will be a multi-product energy-led retailing and flexible energy trading, storage and supply business. In light of these plans, the company has terminated its special dividend program.
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is down 4% to $11.52. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has downgraded the KFC operator's shares to a hold rating with a $12.82 price target. It made the move partly on valuation grounds and also due to its softening Australian growth.
Kogan.com Ltd (ASX: KGN)
The Kogan share price has fallen 7.5% to $11.84. With no news out of the ecommerce company, today's decline appears to have been driven by a combination of tax-loss selling and profit taking. Tax-loss selling involves selling shares that have incurred a capital loss, which may then offset capital gains realised throughout the financial year. As for the latter, prior to today, the Kogan share price was up 25% since the start of June.
Nuix Ltd (ASX: NXL)
The Nuix share price has crashed 13% lower to $2.20. Investors have been selling the company's shares after its former chief financial officer, Stephen Doyle, became the subject of a criminal investigation into insider trading. Nuix chair, Jeffrey Bleich, said: "We are genuinely disturbed by the allegations concerning Mr Doyle and will fully assist ASIC in getting to the bottom of that matter."
