In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form and charging higher. At the time of writing, the benchmark index is up 0.7% to 7,258.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 2% to $5.90. Investors have been selling this embattled infant formula company's shares this week after it was hit with a class action. Slater & Gordon Limited (ASX: SGH) alleges that a2 Milk was or ought to have been aware that it would not achieve its FY 2021 guidance.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 1.5% to $32.04. This morning the team at UBS retained their sell rating and cut their price target on this fund manager's shares to $29.00. This follows the release of a disappointing funds under management update. Magellan recorded a greater than expected outflow of funds. UBS suspects the underperformance of its flagship global fund is to blame.
Santos Ltd (ASX: STO)
The Santos share price is down 2% to $7.28. This appears to have been driven by a pullback in oil prices overnight and profit taking from some investors. In respect to the latter, prior to today, the Santos share price was up a massive 20% in the space of a month. Some investors may have decided to lock some of these gains in after the oil price rally stalled.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price has dropped 7% to $3.34. Investors have been selling this coal miner's shares after a poor night of trade for the thermal coal price. According to CommSec, the thermal coal price fell a sizeable 10.2% to US$242.00 per tonne.
