In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form again and on course to record a strong gain. At the time of writing, the benchmark index is up 1% to 6,930.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 2% to $5.15. This may have been driven by concerns over the state of the infant formula market in China. On Monday, a smaller rival revealed that the market was being flooded by suppliers. This could lead to softening demand, discounting, and weaker margins.
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is down 4% to 49.5 cents. This follows the release of an update on the development of the Rincon Lithium Project in Argentina. That update reveals that 98% of the 2,000tpa operational development work is now complete. However, investors appear frustrated with the slow progress given that 97% of the work was complete last month.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is down almost 3% to $10.47. This morning Ord Minnett responded to the company's third quarter update by maintaining its hold rating with an $11.50 price target. The broker notes that Dicker Data's third quarter performance was impacted by rising costs and supply chain pressures. Though, on the positive side, the broker highlights that demand remains strong and its order book is elevated.
Life360 Inc (ASX: 360)
The Life360 share price is down 3% to $6.71. This is despite there being no news out of the location technology company. However, it is worth noting that the Life360 share price rose 40% in October. This may have led to some investors taking a bit of profit off the table on Tuesday.
