The S&P/ASX 200 Index (ASX: XJO) is on track to end the week with a solid gain. In afternoon trade, the benchmark index is up 0.45% to 7,006.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Amcor (ASX: AMC)
The Amcor share price is down almost 3% to $17.80. This appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has downgraded the packaging company's shares to an equal-weight rating from overweight. Morgan Stanley has concerns about Amcor's outlook.
Arafura Resources Limited (ASX: ARU)
The Arafura share price is down 14% to 27.5 cents. This morning this rare earths company announced that it has received firm commitments to raise $41.5 million via a placement. These funds are being raised at 26.5 cents per new share, which represents a 17% discount to its last close price. Proceeds will be used to progress the development of the Nolans Project.
Block Inc (ASX: SQ2)
The Block share price is down 6% to $118.48. Investors have been selling this payments company's shares after its second quarter update disappointed. Although Block delivered a result largely in line with the market's expectations, its guidance appears to have underwhelmed investors. The company is expecting its growth to moderate early in the third quarter.
Janus Henderson Group (ASX: JHG)
The Janus Henderson share price is down 3% to $35.35. This morning this fund manager's shares traded ex-dividend for its latest distribution. Eligible shareholders can now look forward to receiving its 55.8 cents per share quarterly unfranked dividend later this month on 24 August.
