In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.3% to 7,877.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 5% to $1.14. This artificial intelligence data services company's shares have crashed deep into the red in recent weeks. So much so, its shares are now down by approximately 60% since this time last month. This has been driven largely by the release of Appen's full year results in February and particularly its guidance for the year ahead. Though, it is worth noting that the company's shares remain up 35% since this time last year despite recent weakness.
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is down over 2.5% to $14.01. This has been driven by the debt collector's shares going ex-dividend this morning for its latest dividend. During earnings season, Credit Corp reported a 32% jump in underlying net profit after tax to $4.1 million. This allowed the company's board to declare an interim dividend of 32 cents per share. Eligible shareholders can now look forward to being paid this dividend later this month on 28 March.
Endeavour Group Ltd (ASX: EDV)
The Endeavour Group share price is down 1.5% to $4.06. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has downgraded the drinks giant's shares to a neutral rating with a reduced price target of $4.50. It said: "We downgrade EDV from Buy, with TP A$5.10/sh, to Neutral, TP A$4.50/sh, implying 14% TSR. This TSR is near the middle of our Consumer Coverage and, given Retail market share recovery has taken longer than we had anticipated amidst a more challenged category backdrop and senior turnover, we downgrade to Neutral."
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is down 5% to $2.51. Investors have been selling this gold miner's shares following the release of a production update. The release notes that Gruyere gold production for the March 2025 quarter on a 100% basis is anticipated to be between 70,000 to 73,000 ounces of gold. This is down from 91,631 ounces in the previous quarter. Management advised that production is anticipated to be below plan due to maintenance on the primary crusher and the failure of two conveyor belts. It is investigating the cause of these issues and has developed recovery plans.
