The S&P/ASX 200 Index (ASX: XJO) is on course to record the smallest of gains. In afternoon trade, the benchmark index is up a fraction to 7,360.6 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 3% to 43.2 cents. This is despite there being no news out of the semiconductor company. However, it could be that short sellers are increasing their positions ahead of the upcoming release of this meme stock's quarterly update.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is down 3% to $3.31. On Tuesday, analysts at Goldman Sachs downgraded this property listings company's shares to a neutral rating with a $3.65 price target. The broker sees risks from vendors potentially downgrading marketing spend on one portal over time. It feels Domain is the more likely option for vendors to reduce spending on, rather than the dominant realestate.com.au platform.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down 8% to $1.25. Investors have been selling this casino and resorts operator's shares after it released a trading update. The company warned that it is experiencing a significant and rapid deterioration in operating conditions. This is particularly the case at The Star Sydney and The Star Gold Coast. In response, Star announced significant cost and restructuring initiatives.
Tietto Minerals Ltd (ASX: TIE)
The Tietto share price is down 5% to 66.7 cents. This is despite the gold miner releasing an update on the mineral resource of its Abujar project in the Ivory Coast. Investors may have been expecting more than the 10% increase in resource size to 3.83Moz.
