In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a very small gain. At the time of writing, the benchmark index is up slightly to 7,901.6 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Cettire Ltd (ASX: CTT)
The Cettire share price is down 15% to $3.46. This appears to have been driven by weakness in the consumer sector and a broker note out of Bell Potter. In respect to the latter, the broker has downgraded Cettire's shares to a hold rating with a trimmed price target of $4.50. It said: "[A]s we now head into 4Q24, we think the stock looks reasonably well priced at current levels considering the tougher comps ahead from 4Q24 onwards and as we anticipate the China market entry to be leaning well into FY25, post the current seasonal period which is CTT's second largest trading period given the Northern Hemisphere summer."
Harvey Norman Holdings Limited (ASX: HVN)
The Harvey Norman share price is down almost 2% to $5.06. This has been driven by the retail giant's shares going ex-dividend this morning for its interim dividend. Last month, Harvey Norman released its half-year results and declared a 10 cents per share fully franked interim dividend. Eligible shareholders can now look forward to receiving this payout at the start of next month on 1 May.
Orora Ltd (ASX: ORA)
The Orora share price is down almost 14% to $2.35. Investors have been hitting the selling button today after the packaging company downgraded its earnings guidance for FY 2024. Orora now expects its earnings before interest and tax (EBIT) excluding Saverglass to be slightly lower versus FY 2023. This compares to its previous guidance for EBIT to be higher year on year in FY 2024. In addition, its recently acquired Saverglass business has also been underperforming. Management advised that a weaker February and March trading result has confirmed that there is no noticeable improvement in forward customer demand as destocking is continuing.
Resmed Inc (ASX: RMD)
The Resmed share price is down 3.5% to $29.12. This is despite there being no news out of the sleep disorder-focused medical device company on Tuesday. However, it is worth highlighting that its shares on Wall Street pulled back sharply during overnight trade. This may have been driven by profit taking after some very strong gains recently. For example, even after today's weakness, ResMed shares are still up 33% since the end of October.
