Why Bubs, Select Harvests, Temple & Webster, and WiseTech shares are falling today

These ASX shares are having a tough time on Friday. But why?

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A male investor erupts into a tantrum and holds his laptop above his head as though he is ready to smash it, as paper flies around him, as he expresses annoyance over so many new 52-week lows in the ASX 200 today

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. In afternoon trade, the benchmark index is up 0.4% to 7,056.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

Bubs Australia Ltd (ASX: BUB)

The Bubs Australia share price is down 20% to 13.25 cents. Investors have been selling this infant formula company's shares after it completed the institutional component of another capital raising. Bubs raised $14 million at 12.5 cents per new share, which represents a 24.2% discount to its last close price.

Select Harvests Ltd (ASX: SHV)

The Select Harvests share price is down 7% to $4.05. This morning, this almond producer released its FY 2023 results and reported a loss of $114.7 million for the 12 months. This reflects a modestly lower almond price and a reasonable drop in its almond crop. It also includes a write down of goodwill.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price is down 4% to $6.18. This appears to have been driven by the release of a couple of trading updates from offline rivals. Those updates show that rising interest rates are putting pressure on sales. Investors may believe that this means Temple & Webster could be struggling.

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is down 3% to $64.10. This follows the release of the logistics solutions company's annual general meeting update. WiseTech reaffirmed its FY 2024 guidance for 27% to 34% total revenue growth and 18% to 27% EBITDA growth. However, this "FY24 guidance now includes FX tailwind from recent Australian Dollar weakness." Essentially, it is a downgrade in disguise.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Temple & Webster Group and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Temple & Webster Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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