In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. At the time of writing, the benchmark index is up 1.25% to 7,449.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Australian Pharmaceutical Industries Ltd (ASX: API)
The API share price is down almost 13% to $1.51. Investors have been selling the pharmacy chain operator's shares after Woolworths Group Ltd (ASX: WOW) withdrew its takeover proposal. Woolworths was offering $1.75 per share but advised that its due diligence revealed that the financial returns from the proposal were not sufficient. Wesfarmers Ltd (ASX: WES) is now in pole position with its lower offer of $1.55 per share.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is down 5% to $51.17. This morning the building products company announced the exit of its chief executive officer (CEO), Jack Truong, with immediate effect. According to the release, Mr Truong has had his employment terminated after employees raised concerns about his work-related interactions.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 3% to $19.76 following the release of its funds under management update. According to the release, Magellan's total FUM was $95,491 million at the end of December. This was down 18% (or $21,000 million) from $116,413 million at the end of November. The fund manager also revealed that it is entitled to performance fees of only $11 million for the first half of FY 2022.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 2.5% to $1.32. This appears to have been driven by a pullback in the gold price overnight. Traders were selling the precious metal amid the release of hawkish minutes out of the US Federal Reserve.
