The S&P/ASX 200 Index (ASX: XJO) is well and truly back on form on Wednesday. In afternoon trade, the benchmark index is up 1.3% to 7,115.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
BWX Ltd (ASX: BWX)
The BWX share price is down a further 12% to a new low of 26 cents. Investors have been abandoning the Sukin skincare manufacturer after the release of a shocking business update. BWX has admitted to channel stuffing activities and revealed a growing mountain of debt. As things stand, BWX is going to breach its debt covenants in January if they are not waived. And don't be surprised if class action lawyers are circling the company.
Novonix Ltd (ASX: NVX)
The Novonix share price is down over 6% to a 52-week low of $1.59. This morning, the battery materials technology company appeared to downgrade and delay its production guidance. As of late October, Novonix was on track for synthetic graphite anode materials production of 10,000 tonnes per annum (tpa) in 2023. It now expects to begin production at a rate of approximately 3,000 tpa in 2024, before ramping up to approximately 12,000 tpa in 2028.
Symbio Holdings Ltd (ASX: SYM)
The Symbio share price has crashed 34% to $1.68. Investors have been selling this voice communications software provider's shares after it downgraded its FY 2023 earnings guidance. Symbio now expects FY 2023 EBITDA to be between $26 million and $30 million, which represents a 25% downgrade based on the mid-point of its guidance ranges. Management advised that the company's Communications Platform-as-a-Service (CPaaS) division has been impacted by returns and slow sales progress.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down 3.5% to $4.61. This has been driven by news that the ACCC has blocked its proposed regional mobile network arrangements with Telstra Group Ltd (ASX: TLS). The competition watchdog believes the "arrangements will likely lead to less competition in the longer term and leave Australian mobile users worse off over time, in terms of price and regional coverage." Telstra has since announced plans to appeal the decision.
