The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is racing higher on Friday. In afternoon trade, the benchmark index is up 1.9% to 6,770.3 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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BrainChip Holdings Ltd (ASX: BRN)
The BrainChip share price is down 1% to 88 cents. Investors don't appear impressed that the semiconductor is granting its former chairman 8 million restricted stock units for free after his previous options lapsed. These shares have a market value of over $7 million. The issuing of new shares is nothing new for the company. 10 years ago, BrainChip had 220.3 million shares outstanding. It now has over 1.7 billion shares outstanding plus 100 million unquoted securities.
Emeco Holdings Limited (ASX: EHL)
The Emeco share price is down 10% to 80 cents. This morning this mining equipment provider revealed that it is struggling to collect a major receivable. A customer owes Emeco $32 million, but "a potential issue regarding the full recoverability of outstanding amounts" has emerged. Emeco is currently demobilising its people and equipment.
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price is down 4% to $3.99. This retail giant's shares are falling today after trading ex-dividend for its latest final dividend. Eligible shareholders can now look forward to receiving Harvey Norman's fully franked 17.5 cents per share dividend in a month on 14 November.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5% to $4.70. Investors have been selling this lithium miner's shares this week following a bearish broker note out of Morgan Stanley. It has warned that lithium demand and pricing could be falling in China. Investors may have concerns that the high flying Pilbara Minerals share price could come under pressure if prices start to fall and have been taking profit off the table.
