The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In afternoon trade, the benchmark index is up 0.55% to 7,079.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Atlantic Lithium Ltd (ASX: A11)
The Atlantic Lithium share price is down 3% to 47 cents. This appears to have been driven by profit-taking after a strong gain yesterday following the release of an update on its Ewoyaa lithium project in Ghana. Atlantic Lithium's shares are still up approximately 14% over the last two sessions despite today's weakness.
Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is down 6% to $5.42. Investors have been selling this regional bank's shares after it released its FY 2023 results and revealed earnings well short of expectations. Bank of Queensland reported cash earnings of $450 million, which compares to the consensus estimate of $476 million.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 15% to 17 cents. This also appears to be due to profit-taking after the meme stock rebounded strongly over the last couple of sessions. Brainchip will be releasing its next quarterly update later this month. Investors will be keen to see if it is still generating less revenue than a café and posting big losses.
Fletcher Building Ltd (ASX: FBU)
The Fletcher Building share price was down over 2% to $4.45 before being placed in a trading halt. Fletcher Building requested the halt as it prepares to deal with the backlash from complaints relating to the Iplex Australia Pro-fit pipe product. A builder, BGC Australia, plans to hold a media briefing with the findings of an independent expert's investigation into the pipes.