The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up slightly to 7,485.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are crashing:
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Bubs Australia Ltd (ASX: BUB)
The Bubs share price is down 8.5% to 32.5 cents. Investors have been selling this junior infant formula company's shares following the release of a disappointing quarterly update. Bubs reported a 28% decline in quarterly revenue to $14.3 million. And with its costs still significantly more than revenue, Bubs reported a quarterly cash outflow of $13.5 million.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 5% to $1.17. This appears to have been driven by a broker note out of Goldman Sachs. According to the note, the broker has reiterated its sell rating and 95 cents price target on the lithium developer's shares. Goldman continues to believe that Core Lithium's shares are vastly overvalued.
Megaport Ltd (ASX: MP1)
The Megaport share price has crashed 24% to $5.81. This follows the release of the network as a service provider's quarterly update which fell short of expectations. Megaport reported a 10% quarter on quarter increase in revenue to $37 million and annualised recurring revenue of $148 million. This and its new service growth fell short of analyst estimates.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 13% to $1.47. Investors have been selling this sports betting company's shares after its cash burn continued during the second quarter. Although Pointsbet recorded a 56% increase in turnover to $2,068.8 million and a 34% lift in net win to $103.4 million, it still recorded a net cash outflow of $75.7 million for the three months.
