The S&P/ASX 200 Index (ASX: XJO) is having another positive session on Thursday. In afternoon trade, the benchmark index is up 0.7% to 8,462.7 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down 1.5% to $34.07. Investors have been selling the medical device company's shares following the release of its half year results. Although Fisher & Paykel Healthcare delivered very strong profit growth over the prior corresponding period, management only reaffirmed its guidance for the full year. It seems that the market was betting on the company upgrading its guidance for FY 2025.
Humm Group Ltd (ASX: HUM)
The Humm Group share price is down 17% to 64.5 cents. This follows the release of the financial services company's annual general meeting update. Investors appear to believe that a weak result is coming in FY 2025 based on what management is saying. It said: "Consumers and SME businesses in Australia and New Zealand continue to be affected by inflation and cost of living pressures, with geo-political pressures hanging over the global economy."
Novonix Ltd (ASX: NVX)
The Novonix share price is down a further 6.5% to 70.5 cents. This battery materials technology company's shares have come under pressure this week following the completion of its institutional placement. Novonix raised $44.4 million through a fully underwritten placement to institutional and sophisticated investors at an offer price of 60 cents per new share. This represented a sizeable discount of approximately 38% to the prevailing share price. Management said: "This funding will be used to achieve 3,000 tonnes per annum of production capacity at our Riverside facility in 2025 and enable continued access of our Department of Energy's Office of Manufacturing & Energy Supply Chains grant of up to US$100 million."
Webjet Group (ASX: WJL)
The Webjet share price is down 4% to 81 cents. This has been driven by news that the Australian Competition and Consumer Commission (ACCC) has commenced Federal Court proceedings against it. It is accusing Webjet of deceptive practices regarding airfare pricing and flight bookings. The ACCC said: "The statements included 'flights from $x' when the price quoted excluded Webjet's compulsory 'Webjet servicing fee' and 'booking price guarantee' fee which ranged from $34.90 to $54.90 per booking, depending on whether the flights were domestic, NZ/Pacific flights or other international flights."
