In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) remains on course to record a decent gain. At the time of writing, the benchmark index is up 0.75% to 6,836.2 points.
Four ASX shares that have failed to follow the marker higher today are listed below. Here's why they are falling:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down a further 2% to 65.5 cents. This semiconductor company's shares have been absolutely smashed over the last two trading sessions following the release of a terrible quarterly update. That update revealed paltry cash receipts of $118,000, a difficult operating environment, and further cash burn. Surprisingly, Brainchip still has a market capitalisation over $1 billion despite these declines.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down over 10% to 39 cents. This follows the release of a disappointing quarterly update from the junior infant formula company. Although Bubs recorded solid quarter sales growth thanks largely to currency tailwinds and supply shortages in the United States, it continues to operate at a loss. In addition, management warned that there is an oversupply of infant formula in the China market, making trading conditions particularly tough.
EML Payments Ltd (ASX: EML)
The EML share price has crashed 30% to 44 cents. This morning the embattled payments company revealed that it will temporarily cease onboarding new customers, agents, and distributors to its UK subsidiary, Prepaid Financial Services. This follows concerns raised by the UK Regulator, the Financial Conduct Authority (FCA).
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 1.5% to $14.55. Investors have been selling the iron ore giant's shares on Monday after the price of the steel making ingredient tumbled again. Traders were selling down the iron ore price below US$80 a tonne amid concerns over softening demand in China and increasing supply.
