In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.3% to 7,125.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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CSL Limited (ASX: CSL)
The CSL share price is down 1.5% to $292.25. Investors have been selling this biotherapeutics giant's shares following the release of its full year results. Although CSL delivered a result that was in line with expectations, its guidance for FY 2023 fell short. CSL is forecasting an uplift in profits of around 8%.
Downer EDI Limited (ASX: DOW)
The Downer share price is down over 7% to $5.20. Investors have been selling this integrated services provider's shares after it reported a 17% profit decline in FY 2022. Management blamed COVID-19 and severe wet weather for the poor performance. However, it is expecting a much better performance in FY 2023 and is guiding to underlying net profit growth of 10% to 20%.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 5% to $14.22. This morning this struggling fund manager released its full year results for FY 2022. Magellan reported an adjusted net profit after tax of $399.7 million, which was down 3% year over year. Management also warned that the material client outflows experienced in the second half of the year will impact FY 2023.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is down almost 8% to $3.60. This is despite the sports betting company revealing that its shares have been approved for eligibility by the Depository Trust Company (DTC), facilitating real time electronic clearing and settlement in the United States. A soft night on the tech-focused NASDAQ index may have taken the wind out of its sails today.
