The S&P/ASX 200 Index (ASX: XJO) is having another positive session on Thursday. At the time of writing, the benchmark index is up 0.8% to 7,828.6 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 8% to 11 cents. This is despite there being no news out of the lithium miner. However, there are a number of lithium stocks that are in the red today. In addition, last week I named three reasons why Core Lithium shares could be a sell. They have now fallen over 18% since that article was published. The good news, though, is that its shares are now trading in line with what some bearish analysts believe to be fair value.
IDP Education Ltd (ASX: IEL)
The IDP Education share price is down 4.5% to $15.00. This morning, this student placement and language testing company released an update on market conditions following recent changes to regulatory settings. Management notes that a more restrictive policy environment in its key destination countries is reducing the size of the international student market. This has negatively impacted testing and student placement volumes during the second half. As a result, management is guiding to flat earnings in FY 2024. IDP is one of the most shorted shares on the ASX.
Seek Ltd (ASX: SEK)
The Seek share price is down 3% to $23.08. This may have been driven by profit taking from some investors following a strong gain on Wednesday. That was driven by news that the job listings giant is selling its Latin American assets. In addition, this morning analysts at Ord Minnett reaffirmed their lighten rating with a $20.00 price target. This implies potential downside of over 13% for investors from current levels over the next 12 months.
Skycity Entertainment Group Ltd (ASX: SKC)
The Skycity Entertainment share price is down 15% to $1.36. This follows the release of a trading and dividend update. The struggling casino and resorts operator revealed that it now expects FY 2024 net profit after tax to between NZ$120 million and NZ$125 million. This is down from its previous guidance. It is also guiding to further earnings declines in FY 2025 due to challenging trading conditions. In light of this and likely AUSTRAC penalties, the company is suspending its dividend until at least FY 2026.
