In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week with a decent gain. At the time of writing, the benchmark index is up 0.5% to 6,959.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down a further 6% to 15.5 cents. Investors don't appear to believe that this tiny semiconductor company has any hopes of penetrating a market dominated by absolute titans that could swallow up Brainchip with their pocket change if they saw any value in its technology.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 5% to 35.2 cents. A number of lithium shares are under pressure again amid concerns that lithium prices are about to collapse further. Weak demand has driven prices significantly lower in recent months and analysts don't appear to believe that things will change in the near term.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 15% to a 52-week low of $14.50. Investors have been selling this fund manager's shares today after it released a very disappointing monthly funds under management (FUM) update. Magellan's total FUM fell 10% from $39 billion to $35 billion over the course of the month.
PEXA Group Ltd (ASX: PXA)
The Pexa share price is down 6% to $10.25. This online property exchange platform and property insights solutions company's shares have come under pressure this week after announcing an acquisition. Pexa plans to acquire loss-making UK-based conveyancing technology provider, Smoove, for A$58.6 million. A number of brokers have responded to the news by reducing their earnings estimates.
