In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is pushing higher. At the time of writing, the benchmark index is up 0.35% to 8,244 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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Archer Materials Ltd (ASX: AXE)
The Archer Materials share price is down almost 4% to 26 cents. This morning, this semiconductor company announced that its CEO, Dr Mohammad Choucair, will be stepping down with immediate effect. Dr Choucair's exit had previously been announced, but he was expected to stay in the role until 17 January 2025. The outgoing CEO said: "The Company is in a good position, and I feel it is the right time to step down as CEO. I want to take this opportunity to thank the Board, management, and employees of Archer as well as Archer shareholders for their support over the years."
Lifestyle Communities Ltd (ASX: LIC)
The Lifestyle Communities share price is down 3% to $9.10. This has also been driven by a CEO exit this morning. According to the release, the retirement communities company's co-founder and managing director, James Kelly, has informed the board of his intention to retire on 31 December 2024. Kelly co-founded Lifestyle Communities over 21 years ago and has served as managing director since the company's listing on the ASX in 2007. He said: "After 21 incredible years with Lifestyle Communities, it's time for me to say goodbye and embrace a new chapter in my life."
TPG Telecom Ltd (ASX: TPG)
The TPG Telecom share price is down 1% to $5.03. Investors haven't responded positively to news that the telco giant is offloading assets. Vocus Group will acquire TPG Telecom's fibre network infrastructure assets and Enterprise, Government and Wholesale (EGW) fixed business, including Vision Network for $5,250 million. This includes a potential $250 million contingent value payment. On a pro forma basis, management estimates that the sale of the assets would have reduced its EBITDA by $429 million and EBIT by $198 million in FY 2023.
Web Travel Group Ltd (ASX: WEB)
The Web Travel Group share price is down 32% to $4.81. This follows the release of the business to business travel company's trading update this morning. Web Travel Group warned that its total transaction value (TTV) has been impacted by tough trading conditions in Europe. As a result, its first half TTV to revenue margin is expected to be 6.4%. This is short of the guidance of 7% it gave at its annual general meeting in August. It was also well short of the market's expectations.
