The S&P/ASX 200 Index (ASX: XJO) is having a better day. In afternoon trade, the benchmark index is up 0.1% to 7,376.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Image source: Getty Images
Aristocrat Leisure Limited (ASX: ALL)
The Aristocrat Leisure share price is down 3.5% to $45.62. This is despite the gaming technology company releasing a strong full-year result. For the 12 months ended 30 September, Aristocrat delivered a 14.4% increase in revenue to $4.7 billion and an 81% lift in normalised NPATA to $864.7 million. It appears as though some investors were expecting an even stronger result.
Catapult Group International Ltd (ASX: CAT)
The Catapult share price is down 5.5% to $1.55 following the release of the half-year update from the sports analytics and wearables technology company. Investors appear to be overlooking significant improvements in key metrics and focusing on a reduction in Catapult's EBITDA compared to the same period last year. However, this was largely due to the planned transition from capital to subscription deals.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down almost 1.5% to $97.68. Investors have continued to sell this banking giant's shares after brokers responded negatively to its first-quarter update. One of the most bearish brokers is Morgans, which has retained its reduce rating and cut its price target to a lowly $73.
Mineral Resources Limited (ASX: MIN)
The Mineral Resources share price has fallen 4% to $39.35. This follows the release of the mining and mining services company's annual general meeting update. At the event, the company downgraded its production guidance for the Yilgarn operation for FY 2022 to 8–8.5mt. Management also advised that iron ore prices are significantly down and operating costs are under pressure.
