Why Bapcor, Evolution Mining, Macquarie, and Meteoric Resources shares are falling today

These ASX shares are ending the week on a low point. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a solid gain. At the time of writing, the benchmark index is up 0.7% to 7,639.6 points.

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

Bapcor Ltd (ASX: BAP)

The Bapcor share price is down a further 1% to $4.37. Investors have been selling this auto parts retailer's shares this week following the release of a trading update. That update revealed that trading has been below expectations in the second half. As a result, Bapcor now expects to report FY 2024 pro-forma net profit after tax of between $93 million and $97 million. This will be down from $125.3 million in FY 2023. In addition, alarm bells were ringing when Bapcor advised that its CEO-elect decided against joining the company the day before his start date.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is down 4% to $3.78. Investors have been selling Evolution Mining and other ASX gold miners again on Friday following a pullback in the gold price this week. The precious metal tumbled in response to comments out of the US Federal Reserve. The S&P/ASX All Ordinaries Gold index is down 1.3% this afternoon.

Macquarie Group Ltd (ASX: MQG)

The Macquarie Group share price is down almost 2.5% to $183.51. This follows the release of the investment bank's FY 2024 results this morning. For the 12 months ended 31 March, Macquarie's net operating income fell 12% to $16,887 million and its net profit dropped 32% to $3,522 million. This was driven largely by weakness in the Macquarie Asset Management and Commodities and Global Markets businesses. These businesses reported 48% and 47% declines in earnings, respectively, over the prior corresponding period. However, it is worth noting that the company's profit result was in line with the consensus estimate of $3,512 million.

Meteoric Resources NL (ASX: MEI)

The Meteoric Resources share price is down over 2% to 22 cents. This appears to have been driven by profit-taking after a solid gain for the rare earths developer on Thursday. That was driven by the announcement of a non-binding memorandum of understanding with Neo Performance Materials Inc. (TSX: NEO). The agreement is for offtake of 3,000 metric tonnes of total rare earth oxide (TREO) per year from its Caldeira Project in Brazil once operational.

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 Macquarie Group and Neo Performance Materials. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Bapcor. 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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