The S&P/ASX 200 Index (ASX: XJO) is having a strong start to the week. In afternoon trade, the benchmark index is up 0.6% to 7,156 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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Appen Ltd (ASX: APX)
The Appen share price is down 30% to $1.56. Investors have been hitting the sell button today after the artificial intelligence data services company released another disappointing result. For the six months ended 30 June, Appen reported a 24% decline in revenue to US$138.9 million and an underlying net loss after tax of US$24.2 million. It also now expects its second-half revenue to be softer than previous guidance.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down almost 11% to 29 cents. This semiconductor company has released its half-year results and posted revenue of just US$115,606. And with Brainchip burning US$16.85 million on expenses during the six months, its losses doubled to US$17.15 million for the period. Management described its results as "clearly not acceptable." The market certainly agrees.
Fortescue Metals Group Ltd (ASX: FMG)
The Fortescue share price is down 4.5% to $20. This follows the release of a full-year result that fell short of the market's expectations. In addition, the sudden exit of its CEO this morning appears to have spooked investors.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down a massive 27% to 9.1 cents. This morning, this lithium miner announced the immediate exit of Brett Lynch as managing director and CEO. Sayona Mining advised that Lynch has resigned for personal reasons and "will facilitate a mutually agreed handover period." Its shares are now down by two-thirds over the last 12 months.
