In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.2% to 7,256 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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City Chic Collective Ltd (ASX: CCX)
The City Chic share price is down a whopping 28% to $1.00. Investors have been hitting the sell button in a panic today after an abject trading update from the plus sized fashion retailer. City Chic reported a decline in sales despite benefiting from a weaker Australian dollar. It also revealed significant margin pressures and expectations that it would end the first half with an inventory position of $168 million to $174 million. City Chic's market capitalisation is currently $230 million.
Deep Yellow Limited (ASX: DYL)
The Deep Yellow share price is down 3.5% to 68.5 cents. This follows the release of an update on the Tumas project in Namibia. The uranium developer has completed its DFS, with the preliminary results indicating that the project remains "commercially attractive despite capital and cost inflation." While positive, investors may have been hoping for more bullish rhetoric.
Objective Corporation Limited (ASX: OCL)
The Objective Corp share price is down 14% to $12.93. This follows the release of a trading update from the technology solutions company after the market close on Thursday. Objective Corp revealed that its shift to a SaaS business is impacting revenue growth and higher costs are squeezing its margins.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 7% to $4.45. Investors have been selling Pilbara Minerals and other battery materials shares today amid concerns over the outlook for lithium prices. This follows bearish notes from Credit Suisse and Goldman Sachs, as well as soaring COVID cases in the key China market.
