Why Aeris Resources, Mesoblast, Pointsbet, and Worley shares are sinking today

These shares are having a poor session on Tuesday. But why?

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The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday and pushing higher. At the time of writing, the benchmark index is up 0.2% to 7,651.4 points.

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

Aeris Resources Ltd (ASX: AIS)

The Aeris Resources share price is down 13.5% to 25.5 cents. Investors have been selling this copper producer's shares following the release of its quarterly update. Aeris reported a 6.2% decline in copper equivalent production to 9.1kt. Management advised that its production was impacted by labour and equipment availability. In order to combat this, contract labour and additional equipment has now been introduced to improve production rates. One positive was that the company's all-in sustaining cost (AISC) for the three months was down 1.7% quarter on quarter to A$5.31 per pound.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 4% to $1.04. This follows the release of its quarterly update and the exit of its chairman. In respect to the former, Mesoblast recorded royalty receipts of US$1.7 million for the three months ended 31 March. This wasn't enough to offset its costs, which led to Mesoblast posting an operating cash outflow of US$11.6 million. In other news, its chair, Joseph R. Swedish, is stepping down from the role. He will be replaced by Jane Bell AM, who will become Mesoblast's non-executive chair, effective today.

Pointsbet Holdings Ltd (ASX: PBH)

The Pointsbet share price is down 37% to 52 cents. This has been driven by the sports betting company's shares going ex-capital return on Tuesday. Pointsbet is returning $127 million or $0.39 per share to its shareholders following the completion of the sale of its US business. Based on yesterday's close price of 83 cents, this represents a 47% yield. Eligible shareholders can now look forward to receiving these funds in the middle of next month on 16 May.

Worley Ltd (ASX: WOR)

The Worley share price is down 8% to $15.03. This follows news that its largest shareholder is selling down its stake. Worley advised that it "understands that Sidara has undertaken a sale of an interest of approximately 19% in Worley by way of an underwritten block trade executed this morning." No further details have been provided, but there was a ~$1.4 billion trade this morning that cleared at $14.35 per share. This represents a discount of 12% to where Worley's shares were trading at Monday's close.

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 PointsBet. 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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