Why Austal, Develop Global, Grange, and Winsome shares are falling today

The market may be charging higher but these shares aren't.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain thanks to a favourable inflation reading. At the time of writing, the benchmark index is up 0.85% to 7,402.9 points.

Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:

Austal Ltd (ASX: ASB)

The Austal share price is down almost 12% to $2.27. This morning, this shipbuilder downgraded its earnings guidance for FY 2023. It now expects its earnings before interest and tax to be breakeven to negative $10 million. This compares to its previous guidance for a profit of $58 million. Austal's US Towing, Salvage and Rescue Ship (T-ATS) program has been facing issues

Develop Global Ltd (ASX: DVP)

The Develop Global share price is down 3% to $3.23. This follows the release of the underground mining services and energy transition metals company's quarterly update. That update reveals that the company has advised Liontown Resources Ltd (ASX: LTR) that it has decided not to participate in the second-round tender for the underground contract at Kathleen Valley.

Grange Resources Limited (ASX: GRR)

The Grange Resources share price is down 3.5% to 56 cents. This morning, this iron ore pellet producer released its quarterly update. Grange revealed a sharp drop in both sales volumes and average realised prices compared to the previous quarter.

Winsome Resources Ltd (ASX: WR1)

The Winsome share price is down 4% to $1.63. Investors have been selling this lithium explorer's shares following the release of its quarterly update. Winsome has been having a difficult time recently due to wildfires in Canada. Today it advised that exploration activities are expected to recommence early in August post-damage assessment.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Austal. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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