In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and stormed higher. At the time of writing, the benchmark index is up 0.6% to 6,811.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway share price is sinking 8% lower to $2.39. This morning the waste management company announced the exit of its CEO, Vik Bansal. According to the release, the board and Mr Bansal mutually agreed that it was the right time for Cleanaway to move forward under new leadership. Mr Bansal came under pressure last year amid allegations of misconduct in the workplace.
Crown Resorts Ltd (ASX: CWN)
The Crown share price is down 2.5% to $10.00. This appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, its analysts have downgraded the casino and resorts operator’s shares to a neutral rating with a $10.35 price target. The broker made the move largely on valuation grounds after a strong recovery by the Crown share price since the start of November.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price has fallen 3% to $40.73. This decline appears to be due to profit taking from some investors following a stellar rise in recent weeks. In fact, prior to today, the Pro Medicus share price was up approximately 20% since the start of FY 2021. This was driven by a major contract win with Intermountain Health in the United States.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price has sunk 18% lower to $7.93. This also appears to have been driven by profit taking from investors. Which isn’t overly surprising because, as I wrote here earlier, this lithium-focused mineral exploration company’s shares were up 250% in 2021 prior to today. Investors have been buying Vulcan’s shares amid excitement around its Zero Carbon Lithium Project in the Upper Rhine Valley of Germany.