In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has battled hard and is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,389.5 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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Afterpay Ltd (ASX: APT)
The Afterpay share price is down 3.5% to $91.49. This follows another decline in the Square share price overnight, which impacts the value of its takeover approach. In related news, this morning shareholders voted in favour of the Square takeover. This means the deal now only requires approval from the Bank of Spain.
Cardno Limited (ASX: CDD)
The Cardno share price is down a massive 87.5% to 20.5 cents. This morning the infrastructure and environmental services company's shares traded ex return of capital. Eligible shareholders can now look forward to receiving a return of $582 million or $1.49 per share. This comprises a capital return of $360 million or $0.92 per share and an unfranked dividend of $222 million or $0.57 per share.
Mesoblast Limited (ASX: MSB)
The Mesoblast share price has tumbled 16.5% to $1.42. Investors have been selling the allogeneic cellular medicines developer's shares after Novartis terminated an agreement that could have been worth ~US$1.2 billion. The two parties were looking at Mesoblasts' remestemcel-L as a treatment for acute respiratory distress syndrome (ARDS) due to COVID-19. However, Novartis bailed after some abject trial results.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is down 7.5% to $37.59. This morning the retail conglomerate released an update on its performance during the first half of FY 2022. As you might have guessed from the share price reaction, that update wasn't an overly positive one. Due largely to COVID costs, Woolworths' Australian Food EBIT is expected to be $1,190 million to $1,220 million during the first half. This is down from $1,329 million a year earlier. In addition, the BIG W business is expected to post a big reduction in first half earnings.
