Why CAR Group, Myer, Neuren, and Yancoal shares are falling today

These shares are having a tough time on hump day. But why?

| More on:
A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is running out of steam and fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 8,230.9 points.

Four ASX shares that are weighing on the market today are listed below. Here's why they are falling:

CAR Group Limited (ASX: CAR)

The CAR Group share price is down 1.5% to $37.98. This appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the auto listings company's shares to a hold rating with a $39.00 price target. The broker made the move on valuation grounds after a strong gain on Tuesday drove its shares to a level that is deemed to be fairly valued now.

Myer Holdings Ltd (ASX: MYR)

The Myer share price has continued its slide and is down a further 3% to 81.7 cents. This department store operator's shares are now down almost 30% since this time last week. Investors have been selling Myer's shares following the release of a disappointing trading update. For the 22 weeks ended 28 December, group comparable sales were in line with the prior corresponding period, but total sales were down 0.8% to approximately $1,592 million. And weaker margins led to Myer's EBIT falling approximately 25% to $48 million.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals share price is down 9% to $10.94. This morning, this pharmaceuticals company announced that its partner Acadia Pharmaceuticals (NASDAQ: ACAD) has submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA). This is for trofinetide for the treatment of Rett syndrome in adults and paediatric patients two years of age and older. Acadia anticipates potential approval in the first quarter of 2026. If granted marketing authorisation, trofinetide will be the first and only approved therapy for Rett syndrome in the European Union. The approval timeframe may be longer than some were expecting.

Yancoal Australia Ltd (ASX: YAL)

The Yancoal Australia share price is down 1% to $5.89. This follows news that the coal miner's CEO is stepping down. Yancoal advised that David James Moult will resign after seven years with the company and five years as CEO. Mr Moult decided to retire from full-time employment to devote more time to his other business engagements. His employment will end on 14 July 2025, but active duties have ceased immediately.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Car Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A man looks down with fright as he falls towards the ground.
Share Fallers

Why Aspen, Healius, Nufarm, and Propel shares are falling today

These shares are having a tough session on Tuesday. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Elders, James Hardie, Origin Energy, and SGH shares are falling today

These shares are starting the week in the red. But why?

Read more »

Bored man sitting at his desk with his laptop.
Share Fallers

Why Catalyst Metals, Duratec, Nufarm, and Rio Tinto shares are dropping today

These shares are ending the week in the red. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Dexus, Mayne Pharma, Nufarm, and Treasury Wine shares are falling today

These shares are having a tough session on Thursday. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why James Hardie, Mayne Pharma, Nufarm, and Resimac shares are falling today

These shares are having a tough time on hump day. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Kogan, Monash IVF, OFX, and ResMed shares are falling today

Why are these shares taking a tumble today? Let's find out.

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why Appen, DroneShield, Gentrack, and New Hope shares are dropping today

These shares are starting the week in the red. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Dexus, Dusk, Fletcher Building, and Paladin Energy shares are falling today

These shares are ending the week in the red. But why?

Read more »