In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. At the time of writing, the benchmark index is up 0.2% to 6,764.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
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Brainchip Holdings Ltd (ASX: BRN)
The BrainChip share price has fallen 4% to 72 cents. This is despite there being no news out of the artificial intelligence services company today. However, it is worth noting that its shares are up 33% in the space of a month, even after today's decline. As a result, it looks as though profit taking could be weighing on the BrainChip share price today.
Crown Resorts Ltd (ASX: CWN)
The Crown share price is down almost 2% to $11.76. This decline also appears to have been driven by profit taking. With the Crown share price jumping 21% on Monday following a takeover offer, it appears as though some investors are cashing in now. Especially given how close Crown's shares are trading to the offer of $11.85 cash per share.
Qantas Airways Limited (ASX: QAN)
The Qantas share price has fallen over 2% to $5.21. A number of travel shares have come under pressure today. Investors may be concerned that the terrible floods in New South Wales and South Queensland could impact the Easter holiday period.
Quickstep Holdings Limited (ASX: QHL)
The Quickstep share price has sunk 8.5% to 6.5 cents. This follows the release of an update by the aerospace company after the market close on Monday. According to the release, Quickstep has been informed by Chemring Australia that its recent proposal for the supply of MJU-68B flare housings has not been successful. The company advised that the grounds for this decision are contestable. As a result, Quickstep has initiated a formal protest to the United States and Australian Departments of Defence.
