In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record another small gain. At the time of writing, the benchmark index is up 0.1% to 7,712.5 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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Amcor (ASX: AMC)
The Amcor share price is down 3.5% to $13.92. This follows news that the packaging company's CEO is stepping down. According to the release, Ronald Delia has notified the company of his intention to retire as CEO and as a member of the board of directors for health reasons. Delia intends to retire from the company in a touch under a month on 15 April 2024. However, he will remain employed by Amcor in a consulting and transition capacity until 30 September 2024. This is to ensure a smooth transition of duties.
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is down 2.5% to 20 cents. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded the rare earths developer's shares to a speculative neutral rating with a 19 cents price target. It made the move partly on valuation grounds following a strong rebound this month.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down over 7% to 32 cents. Investors have been hitting the sell button today after global semiconductor giant Nvidia Corp (NASDAQ: NVDA) announced its new Blackwell artificial intelligence chips. The company spent an estimated US$10 billion on the research and development budget for the processor. It's possible now that some investors are finally realising that Brainchip has almost zero chance of competing with the giant given its shoestring budget. Sam Altman, CEO of OpenAI, commented: "Blackwell offers massive performance leaps, and will accelerate our ability to deliver leading-edge models. We're excited to continue working with NVIDIA to enhance AI compute."
South32 Ltd (ASX: S32)
The South32 share price is down 4% to $2.99. This follows the release of an update on its Groote Eylandt Mining Company operation. Yesterday, the company revealed that inclement weather had caused the temporary suspension of operations. It has followed this up this morning advising that the suspensions will continue after initial assessments identified flooding in the mining pits, as well as significant damage to a critical haul road bridge that connects the northern pits of the Western Leases mining area and the processing plant.
