In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.5% to 7,426 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Appen Ltd (ASX: APX)
The Appen share price is missing out on the tech sector recovery and is down 1% to $9.43. The artificial intelligence data services company's shares have come under pressure recently due to concerns over increasing competition and potential structural changes in the industry.
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price is down 5% to 26.7 cents. This follows the release of an operational update this morning. That update revealed revisions to its FY 2022 guidance. This includes a reduction in Cooper's operating earnings guidance to $53 million to $63 million from $60 million to $70 million.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price has continued its slide and is down a further 2.5% to $1.44. This medical device company's shares have been sold off this year amid weaker than expected sales growth and the resignation of its CEO. PolyNovo is also a favourite of short sellers at present, with 7.5% of its shares held short at present.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma share price is down a further 4.5% to 44 cents. Investors have been selling this pharmacy chain operator's shares this week following the release of a trading update. Sigma expects its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to drop by 10% in FY 2022. This compares to previous guidance for 5% growth in FY 2022 and was driven largely by operational issues resulting from the roll-out of its Enterprise Resource Planning.
