The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is on course to record a solid gain. At the time of writing, the benchmark index is up 1% to 7,323.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:
Altium Limited (ASX: ALU)
The Altium share price is down 5% to $32.86. Investors have been selling the electronic design software platform provider's shares after Autodesk walked away from takeover talks. The US software giant told Reuters: "We are not commenting on matters with Altium but can confirm that acquisition discussions have ceased at this time." Investors appear to have been hoping Autodesk would return with an improved offer after Altium rejected its original $38.50 per share proposal.
Beach Energy Ltd (ASX: BPT)
The Beach share price has fallen 2% to $1.22. This is despite the release of a full year update which reveals that Beach has achieved its FY 2021 guidance. Beach reported production of 25.6 MMboe for the year, compared to its guidance of 25.2 MMboe to 25.7 MMboe. Furthermore, operating earnings are expected at the high end of its $850 million to $900 million guidance range and costs are forecast to be at the low end of its range. The market appears to have been expecting an even stronger result.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price is down 3% to $117.80. Investors have been selling the pizza chain operator's shares after analysts at Macquarie downgraded them to an underperform rating and trimmed the price target on them to $103.50. While the broker is positive on the long term, it suspects that FY 2022 could be a reasonably tough year.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price crashed 21% lower to 68.5 cents before being placed in a trading halt. Investors were selling the lithium explorer's shares amid reports that the company has not applied for a state mining permit or a necessary zoning variance in Gaston County. The report also suggests that officials may block the project due to environmental concerns.
