The S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is on track to record a strong gain. In afternoon trade, the benchmark index is up 1% to 7,320.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Carsales.Com Ltd (ASX: CAR)
The Carsales share price is down 2.5% to $24.90. This follows the release of the auto listings company’s investor day update this morning. At the event, the company reiterated its FY 2022 outlook statement provided at its annual general meeting in October. Some investors may have been hoping for a guidance upgrade today.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 6.5% to $29.06. Investors have been selling this fund manager’s shares after it announced the surprise exit of its Chief Executive Officer, Dr Brett Cairns. The release explains that Dr Cairns is leaving for personal reasons. Magellan has promoted its Chief Financial Officer, Ms Kirsten Morton, to the top job on an interim basis.
Nickel Mines Ltd (ASX: NIC)
The Nickel Mines share price is down 4% to $1.34 despite there being no news out of it. However, this nickel producer’s shares have been on fire in recent weeks. So much so, even after today’s decline, they are up 34% since this time last month. This could have led to some investors taking a bit of profit off the table on Tuesday.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price has continued its slide is down almost 6% to 45.7 cents. This morning the team at Credit Suisse downgraded the pharmacy chain operator’s shares to a neutral rating in response to its disappointing trading update on Monday. That update revealed that Sigma has revised its earnings guidance lower in FY 2022 due partly to issues with the rollout of its ERP system.