In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its earlier gains and is trading just a fraction higher. At the time of writing, the benchmark index is up slightly to 7,367.4 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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Audinate Group Ltd (ASX: AD8)
The Audinate share price is down 8% to $9.02. Investors have been selling the media networking solutions provider's shares following the release of its first quarter update. For the three months, Audinate delivered a 46.1% increase in unaudited revenue to US$7.6 million. However, taking the gloss off the record quarter was management warning that component shortages are expected to impact its second half performance.
HomeCo Daily Needs REIT (ASX: HDN)
The HomeCo Daily Needs share price is down over 8% to $1.47. This morning HomeCo Daily Needs agreed to merge with Aventus Group (ASX: AVN) and Home Consortium Ltd (ASX: HMC). The agreement will see Aventus shareholders receive 2.2 HomeCo Daily Needs shares and either $0.285 cash or 0.038 Home Consortium shares for every Aventus share they own. This implies an offer price of $3.82, which represents a 15.3% premium to the Aventus share price at the end of last week.
Infomedia Limited (ASX: IFM)
The Infomedia share price has sunk 15% to $1.39. Investors have been selling the shares of the global provider of software as a service solutions to the automotive parts and service sector after it announced the surprise exit of its CEO, Jonathan Rubinsztein. According to the release, Mr Rubinsztein will leave Infomedia later this month to pursue another opportunity within the technology sector.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down 3% to $12.99. This is despite the online furniture and homewares retailer providing a strong trading update at its annual general meeting. According to the release, Temple & Webster's revenue for the period July 1 to 15 October increased 56% over the prior corresponding period.
