In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a modest gain. The benchmark index is currently up slightly to 7,312.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Australian Ethical Investment Limited (ASX: AEF)
The Australian Ethical share price is down 10% to $7.46 following the release of its earnings guidance for FY 2021. According to the release, the fund manager expects its underlying profit after tax (UPAT) to be between $10.7 million and $11.2 million for FY 2021. This represents a midpoint increase of 18% against the prior corresponding period. This is down from its prior (pre performance fee guidance) of $8.8 million to $9.3 million. That prior guidance represented a midpoint increase of 29% on FY 2020's pre performance fee profit.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is down 4% to $28.80. This follows the release of a change of director's interests notice which reveals significant insider selling. According to the notice, the company's CEO, Philippe Wolgen, has sold 122,675 shares on-market. Dr Wolgen received a total consideration of approximately $3.75 million.
Liontown Resources Limited (ASX: LTR)
The Liontown Resources share price is down 6% to 83.5 cents. This is despite the lithium explorer revealing that it has defined significant new exploration targets in close proximity to its Buldania Lithium Project in Western Australia. Though, with the company's shares more than doubling in 2021, this decline could be the result of profit taking.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price has fallen 5% to $4.93. This follows news that the gaming company plans to demerge its lotteries and Keno business. This will see two separate ASX-listed companies – Tabcorp and Lotteries & KenoCo. The former will retain its wagering, media, and gaming services businesses. This also ends the takeover approach by Betmakers Technology Group Ltd (ASX: BET), which judging by the share price weakness, some shareholders may have preferred.
