The S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 8,155.6 points.
Four ASX shares that are failing to follow the market higher today are listed below. Here's why they are falling:
Cettire Ltd (ASX: CTT)
The Cettire share price is down 5% to $2.26. This appears to have been driven by profit taking after the online luxury products retailer's shares rocketed almost 80% on Tuesday. Investors were scrambling to buy Cettire's shares after its auditor finally signed off on its FY 2024 results without any problems. Not only did this give sentiment a boost, but it likely led to short sellers having to close positions in a hurry, which appears to have caused a short squeeze. Cettire's shares remain down over 50% from their 52-week high despite yesterday's jump.
Light & Wonder Inc. (ASX: LNW)
The Light & Wonder share price is down 2.5% to $131.33. Investors have been selling this game developer's shares this week after it was hit with an injunction in the United States. It said: "Light & Wonder, Inc. today received an order from the U.S. District Court for the District of Nevada granting Aristocrat a preliminary injunction relating to L&W's Dragon Train game. We respectfully disagree with the judge's decision and will promptly file an appeal. We will continue to vigorously defend against Aristocrat's claims, including presenting our defenses to a jury at a trial." Goldman Sachs thinks the selling has been overdone.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 8% to $31.00. This follows the release of the retail giant's full year results this morning, which fell short of expectations. For the 12 months ended 31 July, Premier Investments reported a 2.7% decline in revenue to $1.62 billion and a 4.9% decline in net profit after tax to $257.9 million. This reflects a record result from the Peter Alexander brand, which was offset by sales declines from its Smiggle and Apparel Brands businesses. The company also revealed that it is putting its Smiggle demerger on ice. Instead it will be focusing on the potential merger of its Apparel Brands with Myer Holdings Ltd (ASX: MYR).
Sigma Healthcare Ltd (ASX: SIG)
The Sigma Healthcare share price is down 4% to $1.36. Investors have been selling the pharmacy chain operator's shares following the release of its half year results. Sigma reported a 9% increase in net revenue to $1.84 billion but a 67% decline in net profit to $3.7 million. The latter was impacted by one-off costs relating partly to its proposed merger with Chemist Warehouse.
