The S&P/ASX 200 Index (ASX: XJO) has begun its recovery from the market meltdown and is pushing higher on Tuesday. At the time of writing, the benchmark index is up 0.3% to 7,672.9 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Audinate Group Ltd (ASX: AD8)
The Audinate share price is down 36% to $8.54. Investors have been selling this audiovisual solutions provider's shares following the release of its preliminary full year results. Although Audinate delivered strong earnings growth in FY 2024, its guidance for the new financial year was bitterly disappointing. Due to a number of headwinds, management expects its revenue and earnings to be lower in FY 2025. A return to growth is targeted for the following year.
Pro Medicus Limited (ASX: PME)
The Pro Medicus share price is down 5.5% to $123.55. This is despite there being no news of the health imaging technology company. However, given its strong gains over the last 12 months, it's likely that some investors are taking profit amid the market volatility. Especially given its premium, but arguably justified, valuation. Pro Medicus shares remain up 74% since this time last year.
Vista Group International Ltd (ASX: VGL)
The Vista Group share price is down 3% to $2.12. This follows the release of the film industry-focused technology solutions company's half year results. This is despite Vista reporting a significant operating improvement over the prior corresponding period. Annual recurring revenue increased 9% to NZ$129.4 million and EBITDA more than doubled to NZ$7.2 million. It seems that the market was expecting an even stronger half.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 5% to $25.18. Investors have been hitting the sell button in response to news that Woodside is making its second major acquisition in as many weeks. The energy giant has entered into an agreement to acquire OCI Clean Ammonia and its lower carbon ammonia project in Texas for an all-cash consideration of approximately US$2.35 billion (A$3.6 billion). The project is located on the US Gulf Coast and has a phase 1 design capacity of 1.1 Mtpa. The market appears concerned that these acquisitions could put pressure on its dividends in the near term.
