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:
Image source: Getty Images
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.
