In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday's decline. The benchmark index is currently up 0.4% to 7,027.4 points.
Four ASX shares that have not been able to follow the market higher today are listed below. Here's why they are tumbling lower:
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AMP Ltd (ASX: AMP)
The AMP share price is down 4.5% to $1.11. Investors have been selling the financial services company's shares following the release of its first quarter update. For the three months ended 31 March, AMP posted a $1.6 billion increase in Australian wealth management assets under management to $125.7 billion. However, this was driven entirely by improved investment markets, which offset net cash outflows of $1.5 billion.
Challenger Ltd (ASX: CGF)
The Challenger share price has continued its slide and is down 2.5% to $5.12. The annuities company's shares have come under significant pressure since the release of its third quarter update. That update revealed that its margins have come under pressure due to a sharp decline in credit spreads over the year that were not fully reflected in customer pricing. And while the company intends to lift prices significantly, there are concerns this could weigh on sales.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price has fallen 9% to $1.13. This decline appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the lithium producer's shares to a sell rating with a $1.10 price target. Citi made the move largely on valuation grounds following a strong gain over the last couple of months.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has crashed over 21% lower to $4.33. Investors have been selling the ecommerce company's shares following the release of its third quarter update. For the three months ended 31 March, Redbubble reported a 54% increase in gross transaction value to $134 million. However, from this, it only generated EBITDA of $2.2 million. This compares to its first half EBITDA of $48.8 million.
