The S&P/ASX 200 Index (ASX: XJO) has started the week in a positive fashion. In afternoon trade, the benchmark index is up 0.7% to 7,270.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is down 2% to $173.71. Investors have been selling this investment bank's shares after brokers responded to its full-year results. This has seen a number of analysts take an axe to their valuations. For example, Citi has retained its neutral rating but cut its price target to $175 from $190.
Meteoric Resources NL (ASX: MEI)
The Meteoric Resources share price is down 6% to 15 cents. This follows the release of an update on drilling activities at the Caldeira Project in Minas Gerais Brazil. Investors appear to have been betting on stronger results being announced by the rare earths explorer.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 2.5% to $1.77. Investors have been selling this sports betting company's shares despite there being no news out of it. However, it is worth noting that Pointsbet shares rocketed higher last week on divestment speculation. This could have led to some profit taking by investors today.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price has resumed its slide and is down 5.5% to 96 cents. Investors have been selling this graphite share after the release of a disastrous quarterly update at the end of last month. In response to unit costs being higher than the graphite prices, management has reduced its production plans and raised $150 million to shore up its balance sheet. Syrah shares are now down 40% in the space of a month.
