In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is up 0.1% to 7,146.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Image source: Getty Images
Fisher & Paykel Healthcare Corporation Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down over 5% to $22.74. This morning, this medical device company released its full-year results and reported a sharp decline in earnings. Due largely to weakness in the hospital products segment, Fisher & Paykel Healthcare's net profit after tax came in at NZ$250.3 million. This is a sizeable 34% (39% in constant currency) decline year over year.
Immutep Ltd (ASX: IMM)
The Immutep share price is down 12% to 33 cents. This morning, this biotechnology company released new data from a phase 2 trial evaluating eftilagimod alpha plus pembrolizumab in metastatic second line head and neck squamous cell carcinoma. Investors may have been hoping for stronger data.
Latitude Group Holdings Ltd (ASX: LFS)
The Latitude share price is down almost 6% to $1.22. This follows the release of an update on a recent cyber attack. The consumer lender revealed that it will make a provision for costs associated with the cyber incident of approximately $53 million after tax. This provision is made up largely of remediation costs but does not include the potential for regulatory fines, class actions, or future system enhancements. The company doesn't expect to pay a dividend because of this.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is down 5% to $2.99. Investors have been selling this youth fashion retailer's shares this week after the release of a surprisingly poor trading update. News of some insider buying hasn't even managed to stop the declines today.
