The S&P/ASX 200 Index (ASX: XJO) is having a great day and is on course to record a strong gain. In late trade, the benchmark index is up 1% to 7,183.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are sinking:
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Appen Ltd (ASX: APX)
The Appen share price is down a further 7% to $8.27. Investors have been selling off this artificial intelligence data services company's shares this week amid concerns that demand could be falling for its offering. This follows Meta's weak quarterly result and a recent announcement from the Facebook owner regarding advances it has made with data labelling algorithms.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down over 5% to $4.77. This follows news that the infection prevention specialist is revising its deal with GE Healthcare in North America from today before it terminates in June. The new sales model will see Nanosonics become responsible for all inventory, shipping, installations, and training of new customers. The changes are expected to impact its sales in the second half and lead to an increase in costs as its builds up its direct sales capabilities.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is down 6.5% to $1.30. This appears to have been driven by a broker note out of Macquarie this morning. Its analysts have downgraded the aerial imagery technology and location data company's shares to an underperform rating and slashed the price target on them to $1.30. It believes Nearmap will have to increase its costs to compete in the North American market.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has continued its slump and is down a further 2% to $8.01. Investors have been selling this online furniture retailer's shares ahead of its half year update tomorrow. They appear concerned that Temple & Webster could release a disappointing result. Particularly after Goldman Sachs tipped the company as one of four that could negatively surprise this month.
