The S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. In afternoon trade, the benchmark index is up 1.15% to 6,614.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price is down 2% to $17.44. Investors have been selling this digital speaker developer’s shares amid news that the Australian share market operator is querying the status of the demonstration of its playing chips. For around a decade, Audio Pixels has been promising game-changing digital speaker technology. But every time it gets close to finally revealing it, something seems to happen that delays things.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down 4% to 73 cents. This is despite there being no news out of the lithium developer. However, it is worth noting that a number of lithium shares are falling on Monday despite the market pushing higher.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down 1.5% to $3.75. This morning this administration services company rejected a takeover proposal from Dye & Durham. Last week the proposal was reduced from $5.50 per share down to $4.30 per share. The two parties are continuing discussions but Link will need a higher offer if a deal is going to be reached.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has sunk 9% to $11.81. This appears to have been driven by news that co-founder Hamish Douglass has been selling shares. Throughout June, Douglass offloaded approximately 760,000 Magellan shares. They have a current market value in the region of $9 million.