Why Azure Minerals, Brainchip, Core Lithium, and Sigma shares are falling

These ASX shares are starting the week in the red.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 1% to 7,579.1 points.

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

Azure Minerals Ltd (ASX: AZS)

The Azure Minerals share price is down 1.5% to $3.69. This is despite there being no news out of the lithium explorer. However, it is worth noting that its shares were trading ahead of the takeover offer from Sociedad Química y Minera de Chile S.A. and Hancock Prospecting that was accepted. The two parties made a joint bid of $3.70 per share.

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down 4% to 17.2 cents. Investors have been selling off this struggling semiconductor company's shares this year. So much so, they are now down approximately 75% over the last 12 months. The market appears to believe that Brainchip's technology is all hype and no substance. Especially given how its deep-pocketed rivals could easily afford to acquire the company if they saw any value in its patents or thought it was a threat.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 5% to 24.7 cents. Investors have been selling this lithium miner's shares since it revealed that it is considering suspending production because of weak lithium prices. In other news, the miner has suspended its BP33 underground mine development for the time being to conserve cash.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma share price is down 2% to 98 cents. This may have been driven by profit-taking after a strong gain this month in response to its plans to merge with Chemist Warehouse. The pharmacy chain operator and distributor's shares are up 43% since the start of December.

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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