In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start and is trading higher. At the time of writing, the benchmark index is up 0.2% to 7,112.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price is down a further 2.5% to $77.77. Investors have been selling this pizza chain operator's shares since the release of its half year results. Those results fell short of expectations due to a much weaker than expected performance from its Asian operations. It was because of these operations that Goldman Sachs downgraded its shares earlier this week.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 5% to $16.82. Yesterday the team at UBS responded to Magellan's latest funds under management (FUM) update by retaining its sell rating and cutting its price target to $15.40. It has concerns over the sharp decline in Magellan's FUM, which won't be helped by its flagship Global Fund being downgraded by a ratings agency.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price is down 11% to $3.69. This appears to have been driven by a broker note out of Goldman Sachs. According to the note, while Goldman has held firm with its buy rating, it has slashed the price target on this sports betting company's shares by a further 32% to $6.74. Goldman made the move to reflect a de-rating of peer multiples and lower earnings estimates.
Zip Co Ltd (ASX: Z1P)
The Zip share price has continued its slide and is down a further 5.5% to $1.95. Investors have been selling this buy now pay later (BNPL) provider's shares following the completion of a ~$150 million institutional placement and amid a decidedly mixed response to its planned takeover of Sezzle Inc (ASX: SZL). Some analysts fear that Zip is overpaying to acquire its BNPL rival.
