The S&P/ASX 200 Index (ASX: XJO) has faded from its intraday highs but remains in positive territory. In afternoon trade, the benchmark index is up 0.15% to 7,295.8 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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Block Inc (ASX: SQ2)
The Block share price is down 5% to $151.00. This follows a similarly sharp decline for the payments company's US-listed shares overnight. Investors continue to sell down fintech and buy now pay later shares. This appears to be on valuation concerns amid the prospect of interest rate increases coming sooner than anticipated.
Domain Holdings Australia Ltd (ASX: DHG)
The Domain share price is down 7% to $4.33. Investors have been selling this property listings company's shares following the release of its half year results. This is despite Domain delivering a 27.9% increase in revenue to $175.3 million and a 34.2% jump in net profit to $26.1 million. However, an increase to its full year costs expectations could be weighing on its shares.
Telstra Corporation Ltd (ASX: TLS)
The Telstra share price is down 4% to $3.90. This is despite the telco giant delivering underlying earnings growth during the first half. Telstra posted a 4.4% decline in revenue to $10.5 billion but a 5.1% increase in underlying EBITDA to $3.5 billion. These earnings came in ahead of what analysts at Goldman Sachs were expecting. Some investors appear to have been expecting even better.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is down over 7% to $50.89 following the release of a disappointing half year result. The conglomerate reported broadly flat revenue but a 14.2% decline in net profit after tax to $1.2 billion. This was driven largely by the loss of ~34,000 store trading days due to COVID related closures. Investors may also have concerns with management's plan to support customers in a more inflationary environment, rather than pass costs on.
