Why 29Metals, Core Lithium, Domino's, and Mesoblast shares are falling

These ASX shares are being sold off on Tuesday.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. At the time of writing, the benchmark index is up 0.4% to 7,335.3 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

29Metals Ltd (ASX: 29M)

The 29Metals share price is down 6% to 71.2 cents. Investors have been hitting the sell button in response to the copper producer's quarterly update. Although 29Metals reported a 31% increase in copper production to 4.2kt, it also revealed a sharp increase in costs. C1 costs more than doubled quarter on quarter to US$4.46 per pound.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 2% to 70.5 cents. This is a huge improvement from earlier in the session when the lithium miner's shares were down over 14%. Investors were selling down Core Lithium's shares after its guidance for FY 2024 and FY 2025 fell well short of expectations.

Domino's Pizza Enterprises Ltd (ASX: DMP)

The Domino's share price is down 5% to $47.28. This morning, analysts at Goldman Sachs downgraded this pizza chain operator's shares to a sell rating with a $41.10 price target. The broker has concerns over franchise profitability and competition from other fast food chains. It notes that "McDonald's has recently announced a ~A$1B expansion plan with A$650mn targeted for an additional 100 new stores."

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 6% to $1.20. This is despite there being no news out of the biotechnology company. However, with the US FDA expected to make a decision on its key remestemcel-L therapy next week, some investors may be locking in gains. The Mesoblast share price has rallied 20% since the start of June.

Motley Fool contributor James Mickleboro has positions in Domino's Pizza Enterprises. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Domino's Pizza Enterprises and Goldman Sachs Group. The Motley Fool Australia has recommended Domino's Pizza Enterprises. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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