In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. At the time of writing, the benchmark index is up 0.8% to 7,365 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
ARB Corporation Limited (ASX: ARB)
The ARB share price is down a further 1.5% to $33.15. Investors have been selling this 4×4 parts manufacturer's shares since the release of a market update on Wednesday. That update revealed that ARB expects to report a 12% increase in revenue to $700 million in FY 2022. However, due to a large increase in costs, its margins and earnings are under significant pressure.
Australia and New Zealand Banking Group Ltd (ASX: ANZ)
The ANZ share price is down 1.5% to $26.97. Investors have been selling this banking giant's shares after brokers responded negatively to its half-year results. For example, Goldman Sachs has downgraded the bank's shares to a neutral rating with a $29.84 price target. Its analysts believe the removal of ANZ's cost reduction target has taken away valuation support.
Janus Henderson Group (ASX: JHG)
The Janus Henderson share price has sunk 14% to $37.40. Investors have been selling this fund manager's shares after its quarterly update disappointed. Janus Henderson reported first quarter operating income of US$124.6 million, which was down 21% quarter on quarter and 35.3% year on year.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down a further 2% to $4.93. This online furniture and homewares retailer's shares have come under significant pressure after it announced its expansion into the home improvement market. The new online business is expected to be loss-making for several years and could therefore weigh on its slender margins
