In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.5% to 7,198 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Adbri Ltd (ASX: ABC)
The Adbri share price is down almost 15% to $2.34. This follows the release of the building materials company's half-year results. Adbri reported a 14% increase in revenue to $926.4 million and a 12.8% lift in underlying net profit after tax to $52.1 million. While this was positive, its guidance for the second half implies earnings before interest and tax below consensus estimates.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down a further 5% to a multi-year low of 27.5 cents. Investors have been hitting the sell button this week after the semiconductor company posted half-year revenue of just US$115,606. One thing that was growing was its losses, which doubled to US$17.15 million for the six months. Despite recent weakness, the meme stock still has a sky-high market capitalisation of approximately $500 million.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down almost 7% to $1.25. This morning, analysts at Citi responded to the administration services company's FY 2023 results by retaining their neutral rating and cutting their price target to $1.40.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 11% to $4.07. This may have been driven by news that First Sentier Investors has been shorting the semiconductor company. Like Brainchip, Weebit Nano has been described as a meme stock due to its sizeable valuation and lack of revenue. This makes them easy targets for short sellers.
