In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.3% to 6,808.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down almost 4% to $16.97. This morning the team at Credit Suisse responded to the travel agent's latest update by putting an underperform rating and $14.00 price target on its shares. Elsewhere, Morgans has warned that Flight Centre's earnings may not recover to pre-COVID levels until FY 2025.
Iress Ltd (ASX: IRE)
The Iress share price is down 9% to $10.71. Investors have been selling this financial technology company's shares after it announced that its CEO is leaving. Iress' CEO, Andrew Walsh, is retiring at the start of October after 21 years with the company and 13 years as its leader. Walsh will remain with Iress as a consultant until the end of January 2023. He will be replaced by Marcus Price.
Nitro Software Ltd (ASX: NTO)
The Nitro share price has crashed 26% to $1.20. This follows the release of the document productivity software company's quarterly update. Although Nitro delivered strong growth during the first half, it has cut its guidance for the full year. This is because management has decided to balance its pursuit of annual recurring revenue growth while accelerating its cash flow breakeven goals.
Perseus Mining Limited (ASX: PRU)
The Perseus Mining share price is down 3.5% to $1.63. This morning this gold miner released its fourth quarter update. Although Perseus delivered production and costs in line with its guidance in FY 2022, investors appear disappointed with the company's FY 2023 half-year guidance. Management is expecting its all-in sustaining cost (ASIC) to increase 5% to 15% during the first half.
