In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.4% to 8,079.9 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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Appen Ltd (ASX: APX)
The Appen share price is down 13% to $1.06. This follows the release of the artificial intelligence data services company's half year results. Appen reported an 18.4% decline in revenue to US$113.4 million and an underlying net loss after tax of $11.8 million. Though, it is worth noting that the latter is a $22.4 million improvement from the prior corresponding period. Looking ahead, management revealed that it "continues to target reaching cash EBITDA positive on a run-rate basis in early H2 2024."
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is down 5% to $9.59. This has been driven by the release of weaker than expected half year results from the computer hardware and software distributor. Dicker Data reported a 0.4% decline in gross revenue to $1,590.1 million and a 5.7% decline in net profit after tax to $35.4 million. The latter compares unfavourably to the consensus estimate of $38 million. Pleasingly, management is optimistic that the second half will be stronger. Particularly after it finished the first half very positively.
Jupiter Mines Ltd (ASX: JMS)
The Jupiter Mines share price is down 14% to 18 cents. This morning, this manganese miner released its preliminary full year results and revealed a net profit after tax of $38.9 million. Management also spoke negatively about the manganese market. It said: "Following significant volatility in the manganese market since April 2024, conditions have turned bearish in the last month. This has, primarily, been the result of downstream demand factors. […] Weakening demand factors are currently outweighing this supply outage, leading to manganese prices following a lower trend over the last month. An increase in manganese supply from South Africa and Ghana, since June 2024, has also contributed to the weakening sentiment."
Ramsay Health Care Ltd (ASX: RHC)
The Ramsay Health Care share price is down 8% to $41.08. This follows the release of the private hospital operator's full year results. Although Ramsay achieved decent top line growth, it still posted a decline in profits. Total revenue was up 9.4% to $16,772.1 million but profit after tax from continuing operations was down 2.7% to $270.6 million. Management said: "Margin recovery has been slowed by the significant cost inflation impacting the private hospital industry over the last few years. Wage inflation exceeding expectations remains a critical risk."
