In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decent gain. At the time of writing, the benchmark index is up 0.45% to 8,228.7 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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Computershare Ltd (ASX: CPU)
The Computershare share price is down over 2% to $25.59. This may have been driven by a broker note out of Morgan Stanley. According to the note, the broker has downgraded the transfer agency and share registration company's shares to an equal-weight rating with a lowered price target of $27.70. With interest rates starting to fall, the broker believes that Computershare will be negatively impacted. In addition, it fears that a delay in the recovery of corporate activity could mean that its earnings fall short of consensus estimates. Though, with a strong balance sheet, it does see opportunities to boost its earnings growth through acquisitions.
EBR Systems Inc (ASX: EBR)
The EBR Systems share price is down almost 9% to 89 cents. This follows the completion of the medical device company's institutional placement and entitlement offer. EBR Systems has raised approximately $45.8 million from institutional investors. This comprises $37.4 million from the institutional placement and $8.4 million from the institutional entitlement offer. These funds were raised at an issue price of 82 cents per new share, which represents a 15.9% discount to its last close price. The capital raising will support the commercialisation and manufacturing scale up of its novel WiSE CRT system in anticipation of U.S. FDA approval in the first quarter of 2025.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 3% to $2.96. The catalyst for this has been the poultry producer and supplier's shares going ex-dividend this morning for its final dividend for FY 2024. Last month, Inghams released its full year results and declared a fully franked final dividend of 8 cents per share. This will be paid to eligible shareholders next month on 9 October.
Myer Holdings Ltd (ASX: MYR)
The Myer share price is down 9% to 79.5 cents. This follows the release of the department store operator's full year results. For the 12 months ended 31 July, Myer reported a 2.9% decline in total sales to $3,266.1 million and a 26% reduction in net profit after tax to $52.6 million. Management advised that this reflects the impact of store closures, challenging trading conditions, inflationary cost pressures, and the underperformance of sass & bide, Marcs and David Lawrence.
