In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing, the benchmark index is up 0.6% to 6,987.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Aussie Broadband Ltd (ASX: ABB)
The Aussie Broadband share price is down over 17% to $3.00. This is despite the broadband provider advising that it expects to deliver on the top end of its EBITDA guidance range of $38 million to $39 million in FY 2022. Management also revealed higher than expected synergies from its Over the Wire acquisition. Investors appear to have been expecting even better.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price has sunk 12% to $4.67. Investors have been selling off the online furniture seller's shares despite there being no news out of it. However, it is worth noting that a number of tech shares have come under pressure today.
United Malt Group Ltd (ASX: UMG)
The United Malt share price has crashed 16% to $3.08. This commercial maltster's shares have come under pressure today after it downgraded its earnings guidance. United Malt now expects to report underlying EBITDA of $100 million to $108 million before software-as-a-service costs. This represents a 22% drop on the top end of its previous guidance. Management blamed the North American barley crop, supply chain issues, and high energy costs.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 6% to $1.07. This morning the team at Citi downgraded this buy now pay later provider's shares to a sell rating and slashed the price target on them to 70 cents. Citi isn't particularly optimistic on the company's outlook and suspects that its cash burn will continue due to cost inflation and slower growth.
