In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.2% to 7,108.7 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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Brambles Limited (ASX: BXB)
The Brambles share price is down 8% to $10.70. Investors have been selling the logistics solutions company's shares after it revealed that takeover talks with CVC Capital Partners have collapsed. Brambles will now focus on implementing the Shaping our Future transformation plan.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is down 3% to $37.61. This is despite the building materials company's fourth quarter update revealing a 20% lift in quarterly global net sales to US$968 million. This underpinned a 24% year on year increase in James Hardie's global net sales to US$3.6 billion for FY 2022. However, this was a touch short of consensus estimates.
Seek Limited (ASX: SEK)
The Seek share price is down 4% to $24.36. This may have been driven by the release of a bearish broker note out of Goldman Sachs. Its analysts have retained their sell rating and cut their price target on the job listings company's shares to $26.60. Goldman is expecting strong earnings growth in FY 2022 but then an extremely sharp slowdown in FY 2023.
Sezzle Inc (ASX: SZL)
The Sezzle share price is down 6.5% to 64.5 cents. Investors have been selling this buy now pay later provider's shares due to weakness in the tech sector. In addition, the re-release of its quarterly update may not be helping with sentiment. Several weeks after its initial release, Sezzle has reminded investors of its slowing growth and sizeable losses.
