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 slightly to 7,024.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Block Inc (ASX: SQ2)
The Block share price is down over 2% to $123.99. This follows a poor night of trade for the payments company's NYSE listed shares. Investors were selling its US based shares after investors were spooked by a disappointing update from a tech giant.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down almost 1.5% to $101.31. This appears to have been driven by the release of an update from a big four rival and a broker note out of Morgan Stanley. In respect to the latter, the broker has retained its underperform rating with an $82.00 price target on the banking giant's shares.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is down 6% to 87.5 cents. This morning the allogeneic cellular medicines developer announced the completion of a US$45 million (A$65 million) placement to institutional investors. This was led by its largest shareholder, M&G Investments, and strongly supported by its major Australian and American shareholders. The private placement was undertaken at 19.4% discount of A$0.75 per share.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 3% to $29.74. Investors have been selling this banking giant's shares after its third quarter update disappointed. Although NAB delivered a cash profit that was in line with expectations, it raised its cost growth guidance for the second time in FY 2022. It now expects cost growth of 3% to 4% for the year.
