The S&P/ASX 200 Index (ASX: XJO) is having a solid session. In afternoon trade, the benchmark index is up 0.4% to 7,440.9 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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Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is down 13% to $20.51. This follows the release of the debt collector's FY 2023 results this morning. Credit Corp delivered a 15% increase in revenue but reported a 5% decline in net profit. This led to its full-year dividend being cut accordingly.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down 5% to $1.09. Some investors may be nervous ahead of a pivotal decision by the US FDA tomorrow in relation to the company's remestemcel-L therapy. Bell Potter appears optimistic that it will be approved. It said: "The approval of any new class of therapy can never be taken for granted, nevertheless the data package supporting approval on this occasion is substantially stronger than in 2020."
Talon Energy Ltd (ASX: TPD)
The Talon Energy share price is down over 18% to 15.5 cents. This morning, the energy company revealed that takeover talks with Strike Energy Ltd (ASX: STX) had ended without a deal being reached. Strike had tabled an offer that was the equivalent of 20.2 cents per Talon share.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down almost 5% to $5.90. This is despite the semiconductor company making two positive announcements today. It appears that short sellers have seen something that has given them greater conviction to short this speculative tech company. At the last count, almost 5% of Weebit Nano's shares were held short.
