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 0.3% to 7,287.2 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
29Metals Ltd (ASX: 29M)
The 29Metals share price is down 4% to $1.01. This morning, this copper producer released an update on its guidance for Capricorn Copper following the cessation of operations after an extreme weather event. Investors appear disappointed with its revised guidance.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price has crashed 15% to 43.2 cents. This follows the release of the embattled semiconductor company's annual general meeting presentation and speeches. Brainchip Chairman, Antonio J. Viana, commented: "Let me be clear, nobody at BrainChip is happy or content with our current position. We haven't hit any significant stride yet with respect to revenue."
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 2% to $6.36. Investors have been selling the airline operator's shares after it released a market update. Qantas revealed that it expects to post an underlying profit before tax of between $2.425 billion and $2.475 billion for FY 2023. This appears to have fallen short of what some investors were expecting from the flag carrier airline.
Serko Ltd (ASX: SKO)
The Serko share price is down 6% to $2.99. This is despite there being no news out of the travel technology company. However, with its shares up strongly since last week, some profit taking could be happening today. The Serko share price is still up 11% since last Tuesday despite today's decline.
