The S&P/ASX 200 Index (ASX: XJO) is having a slightly positive session on Friday. In afternoon trade, the benchmark index is up a touch to 8,207.7 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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Brickworks Limited (ASX: BKW)
The Brickworks share price is down 2.5% to $27.82. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded the building products company's shares to a hold rating with a $31.00 price target. This follows the release of its full year results on Thursday, which led to its shares charging higher. Commenting on its downgrade, Bell Potter said: "[W]e continue to see further value in BKW, however have downgraded to Hold in accordance with our rating structure."
Cettire Ltd (ASX: CTT)
The Cettire share price is down a further 5% to $1.82. Investors have been selling this online luxury products retailer's shares since they rocketed almost 80% higher on Tuesday. Some investors may be locking in gains after such a strong jump. Especially given that conditions in the global luxury products market are not great right now. Tuesday's massive gain was driven by news that the company's auditor finally signed off on its FY 2024 results.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down almost 4% to $4.92. This has been driven by news that the drinks giant's CEO is stepping down. According to the release, after 30 years with the business, including more than six years as CEO, Steve Donohue and the board have determined that now is the right time for a new leader to take the company into its next phase of growth. Donohue started as a summer casual in the second Dan Murphy's store in Alphington Victoria in 1994, before quickly rising through the ranks.
Star Entertainment Group Ltd (ASX: SGR)
The Star Entertainment share price is down 47% to 24 cents. This morning, the embattled casino and resorts operator's shares returned to the ASX boards after being suspended for almost a month. The company's shares returned after it released its full year results and reported a statutory loss of $1.7 billion for the year. In addition, the company has arranged a new debt facility. It advised that its corporate lenders have executed a commitment letter for a new debt facility of up to $200 million in two-tranches.
