In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.45% to 7,602.5 points.
Four ASX shares that have failed to follow the market higher are listed below. Here's why they are tumbling today:
Australian Ethical Investment Limited (ASX: AEF)
The Australian Ethical share price is down 7% to $6.19. This follows the release of the fund manager's third quarter funds under management (FUM) update. That update revealed that Australian Ethical's FUM fell 1.9% during the quarter to $6.83 billion. This was due to a combination of softening inflows and negative market movements.
BHP Group Ltd (ASX: BHP)
The BHP share price is down over 2.5% to $50.90. Investors have been selling the mining giant's shares following the release of its third quarter update. That update revealed that COVID-19 related disruptions have been weighing on its operations and led to much of its production missing consensus estimates. And while the Big Australian has reaffirmed most of its production and unit cost guidance for FY 2022, it was forced to make some downgrades.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price has dropped 4% to $7.54. This morning the alcohol retailer released a trading update for the third quarter. That update revealed that sales dropped 2.1% over the prior corresponding period to $2,728 million. This was driven by the Easter holidays falling into the fourth quarter this year and the impact of the floods on sales in certain markets.
Megaport Ltd (ASX: MP1)
The Megaport share price has crashed 20% to $10.24. Investors have been selling this network as a service provider's shares after its third quarter update disappointed. For the three months ended 31 March, Megaport reported only modest quarter on quarter revenue growth of 5% to $27.9 million. This appears to have left the company with an uphill struggle to achieve the market's full year expectations.
