In afternoon trade on Friday, the S&P/ASX 200 Index (ASX: XJO) is on track to record a small gain. The benchmark index is up 0.15% to 7,304.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why these ASX shares are falling:
Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is down almost 7% to 48.5 cents. Investors have been selling this copper miner's shares following the release of its quarterly update. Aeris reported a reduction in copper production quarter on quarter due partly to inclement weather. This has led to the company downgrading its FY 2023 EBITDA guidance to between $50 million and $70 million.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price has crashed 8% to 38.5 cents. This follows the release of the struggling semiconductor company's first-quarter update. That update revealed that Brainchip delivered pitiful cash receipts of just $40,000 during the three months. The meme stock had a market capitalisation of over $700 million prior to today. The company's shareholders will soon be asked to approve generous performance related bonus shares to management at its upcoming annual general meeting.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 8% to $1.52. Investors have been selling this sports betting company's shares after its quarterly update disappointed. Pointsbet posted a 39% increase in group net win to $106.6 million thanks entirely to its North America business. The company's Australia business was out of form and reported a 3% decline in its net win to $50.7 million.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is down a further 12% to $1.12. This graphite producer's shares have been hammered since the release of its quarterly update on Thursday. Syrah reported unit costs that were higher than the price received. This led to management reducing its production plans and raising $150 million through the issue of new convertible notes to AustralianSuper.
