The S&P/ASX 200 Index (ASX: XJO) is having a strong session. In afternoon trade, the benchmark index is up 0.5% to 7,029.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 16% to 21 cents. Investors have been selling this semiconductor company's shares after it confirmed that there was no reason for its shares to have risen so strongly on Wednesday. Speculators appear to have missed the mark with their dot-joining.
Healius Ltd (ASX: HLS)
The Healius share price is down 6.5% to $1.85. This may have been driven by a broker note out of Citi this morning. Although the broker has retained its neutral rating, it has slashed its price target by 28% to $2.15. Citi said: "Our FY24e EBIT forecasts for HLS is ~7% below consensus on lower revenue and margin assumptions – we see downside risk to consensus forecasts."
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 2% to $21.26. This has been driven by the banking giant's shares going ex-dividend this morning for its upcoming final dividend. Eligible shareholders can now look forward to receiving this fully franked 72 cents per share dividend next month on 19 December.
Xero Limited (ASX: XRO)
The Xero share price is down 11% to $102.03. Investors have been hitting the sell button after the cloud accounting platform provider's half-year results disappointed. Although Xero reported a 90% increase in EBITDA to NZ$206 million, this was still 5% short of consensus estimates. This was due largely to a softer-than-expected performance from its international operations.
