The S&P/ASX 200 Index (ASX: XJO) is fighting hard to keep its winning streak alive. In late trade, the benchmark index is up 0.2% to 6,989.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Amcor PLC (ASX: AMC)
The Amcor share price is down 4% to $17.37. This morning this packaging company released its quarterly update and revealed a 9% increase in revenue to US$3,712 million and a 15% jump in net income to US$232 million. Investors still sold down Amcor's shares despite its revenue being US$200 million ahead of estimates and its earnings being in-line.
Australian Strategic Materials (Holdings) Ltd (ASX: ASM)
The Australian Strategic Materials share price is down 9% to $1.80. Investors have been selling this integrated materials company's shares after it announced firm commitments for a $30 million institutional placement. These funds are being raised at a 12.4% discount of $1.73 per new share. The proceeds will be used to accelerate development of its Korean Metals Plant and Dubbo Project.
Goodman Group (ASX: GMG)
The Goodman share price is down 3% to $17.11. This morning Goodman released its first quarter update and revealed that FY 2023 has started positively. And while the company has reaffirmed its earnings growth guidance of 11%, some investors may have been expecting an upgrade. Goodman famously under-promises and over-delivers.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 3.5% to $5.12. This is despite there being no news out of the lithium miner today. However, a number of the lithium shares are falling today. This may have been driven by profit taking after some strong gains recently.
