The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher on Wednesday. In afternoon trade, the benchmark index is up 0.7% to 7,634.9 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
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CSR Ltd (ASX: CSR)
The CSR share price is down 5% to $6.52. Investors have been selling this building products company's shares after it was downgraded by analysts at UBS. The broker has downgraded CSR's shares all the way from a buy to a sell with a $6.60 price target. It believes the risks are to the downside now following a strong gain over the last 12 months.
Janison Education Group Ltd (ASX: JAN)
The Janison share price is down 6.5% to 35 cents. This may have been driven by profit taking from some investors. After all, the education technology company's shares jumped 47% on Tuesday in response to a major contract win from the NSW Department of Education and Cambridge University Press.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down 4.5% to 72.5 cents. This also could have been caused by profit taking from some investors. The department store operator's shares jumped on Tuesday after delivering a better than feared trading update. This morning, Ord Minnett responded by retaining its hold rating and 75 cents price target.
Santos Ltd (ASX: STO)
The Santos share price is down 6% to $7.37. Investors have been hitting the sell button today after takeover talks with Woodside Energy Group Ltd (ASX: WDS) concluded without a deal. Woodside's CEO, Meg O'Neill, advised that for every opportunity it assesses, it conducts thorough due diligence, and will only pursue a transaction that is value accretive for its shareholders. Santos doesn't appear to have ticked this box.
