In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.7% to 7,095.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling:
Carbon Revolution Ltd (ASX: CBR)
The Carbon Revolution share price is down 13% to $1.34. Investors have been selling the carbon fibre wheels manufacturer’s shares after it revealed that one of its major customers has suspended vehicle production due to the shortage of computer chips. As a result, Carbon Revolution believes it will sell around 1,800 fewer wheels in FY 2021 compared to FY 2020.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down 4% to $30.45. This is despite there being no news out of the medical device company. However, with its full year results due to be released in a couple of days, some investors may be nervous. Especially given the high multiples that its shares trade on and the market’s high expectations.
Nuix Ltd (ASX: NXL)
The Nuix share price has fallen 6% to $3.42. Investors may be selling the investigative analytics company’s shares amid reports that a class action could be filed against it. According to the AFR, a number of class action firms have confirmed their interest in taking the company to court.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price has sunk 8% to $2.14. This morning the biopharmaceutical company provided the market with an update on its dealings with the US FDA. The release advised that Paradigm has received written feedback regarding the investigational new drug submission for its pivotal study evaluating PPS in knee osteoarthritis. The agency provided its suggested mitigation strategies to address its positions and questions, which include further detailed clinical monitoring.