The S&P/ASX 200 Index (ASX: XJO) is having a relatively positive session on Wednesday. At the time of writing, the benchmark index is up 0.25% to 7,945.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Harvey Norman Holdings Ltd (ASX: HVN)
The Harvey Norman share price is down over 2.5% to $4.91. The catalyst for this has been the retail giant's shares going ex-dividend this morning for its latest dividend. Last month, Harvey Norman released its half year results and reported a 6.6% increase in revenue to $2.29 billion and a 41.2% jump in reported profit before tax to $400 million. This allowed the company's board to increase its fully franked interim dividend by 20% to 12 cents per share. Eligible shareholders can look forward to receiving this payout at the start of next month on 1 May.
HMC Capital Ltd (ASX: HMC)
The HMC Capital share price is down a further 1.5% to $5.91. Investors have been selling the alternative asset management company's shares since the release of a trading update on Tuesday. Management revealed that FY 2025 operating EPS (pre-tax) is currently tracking at 70 cents per share. This is down from 80 cents per share previously. One positive is that its dividend per share guidance of 12 cents has been reaffirmed. Goldman Sachs responded by retaining its buy rating but cutting its price target to $10.90 (from $12.30).
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down a further 3% to $1.54. This lithium miner's shares have been in free fall recently and hit a new 52-week low today. The market appears concerned about the outlook for lithium demand given the tough economic environment caused by tariff wars. Pilbara Minerals' shares are now down by a sizeable 21% since this time last month and 60% over the past 12 months.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is down 8% to $4.73. This morning, this lithium developer provided an update on the progress of its Phase One Lionheart Project financing, following Strategic Project status designation of the project by the European Commission. It advised that to ensure long-term strategic alignment, the company aims to include government participation in the financing of its project. Unfortunately, this could delay project development. Management said: "In light of this development, the Company has adjusted its target timeline to conclude its Phase One financing to allow for the potential inclusion of the RMF according to the stated timeline of the RMF team. The Company is now targeting H2 2025 to finalise these agreements and commence full project construction. In the meantime, Vulcan continues to mobilise its teams on the ground, including execution of first new wells in the Phase One area."
