In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week on a positive note. At the time of writing, the benchmark index is up 0.25% to 7,129.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
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Adairs Ltd (ASX: ADH)
The Adairs share price is down 15% to $1.60. Investors have been selling this homewares retailer's shares following the release of a disappointing trading update. That update revealed that the cost of living crisis has weighed heavily on its second-half sales. So much so, management has been forced to downgrade its FY 2023 guidance.
Bubs Australia Ltd (ASX: BUB)
The Bubs share price is falling 2% to 18.2 cents. This follows the release of another poor update from the embattled infant formula company. Bubs revealed that its sales in China are expected to fall a whopping 75% in FY 2023. And while it is expecting to deliver growth in the US market, it remains to be seen whether this will be sustained in FY 2024 now that infant formula shortages are over.
Immutep Ltd (ASX: IMM)
The Immutep share price is down 8% to 27.5 cents. This morning, this biotech company announced the completion of an institutional placement and entitlement offer. Immutep has raised $67.9 million at 26 cents per new share. This represents a 13.3% discount to its last close price. Following the raise, Immutep will be fully funded for its current and expanded clinical program through to Q1 of 2026.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down 2% to $19.89. This may have been driven by the update out of Adairs this morning, which has spooked investors in the retail sector. In addition, there may be concerns that a big increase to the minimum wage could hit Lovisa's operating costs in Australia.
