The S&P/ASX 200 Index (ASX: XJO) has recovered from a morning decline and is edging higher. In afternoon trade, the benchmark index is up slightly to 7,122 points.
Four ASX shares that have been unable to follow the market higher today are listed below. Here's why they are falling:
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Appen Ltd (ASX: APX)
The Appen share price is down 5% to $8.99. This is despite there being no news out of the artificial intelligence data services company. However, as I pointed out here at the weekend, concerns over demand for its offering due to Meta's weak result and new developments in data labelling could be weighing on investor sentiment.
Australia and New Zealand Banking Group Ltd (ASX: ANZ)
The ANZ share price is down over 2% to $26.52 following the release of its first quarter update. Although the banking giant didn't provide the market with financials, it revealed that a poor performance for its Markets business in October is expected to impact its first half revenue. In addition, ANZ revealed that its net interest margin (NIM) fell 8 basis points during the quarter. This was greater than many were expecting.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 10.5% to $16.56 after the release of two announcements this morning. The first revealed another disappointing funds under management performance and the second advised that its Chairman and Chief Investment Officer, Hamish Douglass, is taking a leave of absence. This follows "a period of intense pressure and focus on both his professional and personal life."
REA Group Limited (ASX: REA)
The REA share price is down 3.5% to $138.62. This follows the release of a number of broker notes this morning responding to the property listings company's first half results. Those notes have seen a number of brokers cut their price targets on REA. This includes Morgans, which has retained its hold rating and cut its price target to $156.25.
