The S&P/ASX 200 Index (ASX: XJO) is on track to end the week in a positive fashion. In afternoon trade, the benchmark index is up 0.45% to 7,663.1 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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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 3.5% to 13 cents. This is despite there being no news out of the struggling lithium miner on Friday. However, it is worth noting that Goldman Sachs recently tipped the company's shares to sink a further 15% from where they currently trade to 11 cents. This is despite the Core Lithium share price already losing almost 90% of its value since this time last year.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is down 2% to $24.28. This may have been driven by weakness in the iron ore price overnight. According to CommSec, the iron ore price fell in response to "fears of falling demand in China over the remainder of the year after Beijing reiterated its stance on continuing to control crude steel output in 2024." In addition, as highlighted in this article, a large number of brokers believe that this mining giant's shares are severely overvalued at current levels. This could also be weighing on its shares today.
Peter Warren Automotive Holdings Ltd (ASX: PWR)
The Peter Warren Automotive share price is down a further 2.5% to $1.75. This automotive retailer's shares have been sold off this week after it released disappointing earnings guidance. Although revenue has continued to grow, the company now expects its underlying profit before tax for FY 2024 to be in the range of $52 million to $57 million. This was lower than market expectations and driven by a significant increase in vehicle supply, which has led to greater competition between dealerships and lower gross profit margins on new vehicles. Its shares are now down 17% since this time last week.
Talga Group Ltd (ASX: TLG)
The Talga share price is down over 6% to 61 cents. This follows the completion of a mining study into the expansion options for its Vittangi Graphite Project in Sweden. While the mining study laid out some reasonably big plans for Vittangi, it came with a number of warnings. One was that it will require estimated capital funding in the order of €520 million to €1,100 million (A$848 million to A$1.8 billion) plus contingencies. Management warned investors "that there is no certainty that the Company will be able to raise that amount of funding when needed."
