In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. At the time of writing, the benchmark index is up 1.45% to 7,792.6 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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Light & Wonder Inc (ASX: LNW)
The Light & Wonder share price is down 3% to $155.35. This decline brings the gaming company's shares largely in line with its NASDAQ listed shares. They closed Thursday night's session on Wall Street 2% higher at US$102.31, which is the equivalent of A$155.02 at current exchange rates. It seems that US investors liked Light & Wonder's quarterly update, but not as much as local investors. So, its locally listed shares have corrected today to reflect this.
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is down 6% to $16.11. Investors have been selling this pharmaceutical company's shares after they returned from a trading halt. While the trading halt brought good clinical trial news, there was a spot of bad news prior to the halt which has overshadowed this. That was a softer than expected quarterly update. Second quarter sales of Daybue increased 11% quarter on quarter US$84.6 million, which was short of the consensus estimate of US$89 million. This was due to a slower than expected increase in net patients. This led to a guidance downgrade for full year Daybue sales.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 2% to $14.52. This follows the release of the furniture retailer's FY 2024 results. For the 12 months ended 30 June, Nick Scali reported a 7.8% decline in revenue. Things were much worse on the bottom line, with the company posting a 20.3% decline in profit to $80.6 million. However, the good news for shareholders is that this didn't lead to a dividend cut. The Nick Scali board elected to keep its fully franked final dividend flat at 35 cents per share.
QBE Insurance Group Ltd (ASX: QBE)
The QBE Insurance share price is down 3% to $15.87. This has been driven by the insurance giant's half-year results. Although QBE doubled its profits during the half, this was still a touch short of expectations. The company posted a 100% increase in net profit after tax to US$802 million. However, the market was looking for a profit of US$818 million. In addition, its guidance may have been a touch softer than some were expecting.
