Why Liontown, ResMed, Santos, and Zip shares are falling today

These ASX shares are ending the week in the red.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and charged higher. At the time of writing, the benchmark index is up 0.5% to 7,061.7 points.

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

Liontown Resources Ltd (ASX: LTR)

The Liontown share price is down 1.5% to $2.93. This follows the release of an update on the Kathleen Valley Lithium Project this morning. That update reveals that Liontown has bumped its total capital costs estimate by 6% or $56 million to $951 million. In addition, it has lifted its 10-year average cash cost (C1) to A$651 per SC6 tonne, excluding royalties. It was previously targeting US$319 (A$496) per tonne.

ResMed Inc (ASX: RMD)

The ResMed share price is down almost 2% to $23.69. This is likely to be from profit-taking from some investors after a strong rebound in recent sessions. Even after today's weakness, the sleep treatment-focused medical device company's shares are up over 11% this week.

Santos Ltd (ASX: STO)

The Santos share price is down 1% to $7.87. This appears to have been driven by a pullback in oil prices overnight. Traders were taking profit on Wall Street on Thursday night after oil prices reached their highest level of the year.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 3.5% to 27 cents. This is despite there being no news out of the buy now pay later provider. This latest decline means that Zip's shares are now down over 60% since this time last year. Next month, the company will be releasing its first-quarter update. This will give investors an idea of whether it will achieve its profitability targets in FY 2024.

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended ResMed and Zip Co. The Motley Fool Australia has positions in and has recommended ResMed. 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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