The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is charging higher. In afternoon trade, the benchmark index is up 0.5% to 7,974.9 points.
Four ASX shares that have failed to climb with the market today are listed below. Here's why they are falling:
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Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down 5% to $4.79. This has been driven by the toll road operator's shares going ex-dividend this morning. Last week, the company declared its second half distribution of 20 cents per share. This represents a 4% dividend yield based on its last close price. Eligible shareholders can now look forward to receiving this dividend late next week on 4 April.
James Hardie Industries plc (ASX: JHX)
The James Hardie Industries share price is down a further 5% to $37.95. Investors have been selling this building materials company's shares this week after it announced an agreement to acquire The AZEK Company Inc. (NYSE: AZEK) in a deal valued at US$8.75 billion (A$14 billion). Management believes that it is "uniting two highly complementary companies with large material conversion opportunities" that will be "well positioned to drive sustained above market growth as a leader across attractive categories for the exterior of the home." Macquarie responded negatively to the news. So much so, it has just downgraded James Hardie's shares to a neutral rating (from outperform) and slashed its price target to $44.00 (from $65.00).
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down 2% to $3.85. This may have been driven by a broker note out of out of Citi this morning. According to the note, the broker has downgraded the coal miner's shares to a neutral rating with a reduced price target of $4.20. Citi made the move due to lower thermal coal prices, which has led to a significant reduction in its earnings estimates for New Hope for the medium term.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 2.5% to $1.83. This is despite there being no news out of the lithium giant on Tuesday. However, it is worth noting that most lithium stocks are trading lower today. This follows weakness in the battery materials space on Wall Street overnight, which saw the likes of Sociedad Química y Minera de Chile (NYSE: SQM) and Lithium Americas Corp (NYSE: LAC) trade lower for the session. Investors appear concerned about lithium supply potentially outstripping demand in the near term.
