The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up 0.1% to 8,081.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Appen Ltd (ASX: APX)
The Appen share price is down 2% to 86.7 cents. Investors have been selling this artificial intelligence data services company's shares following the release of its first quarter update. Appen revealed a 14% decline in revenue to $50.2 million. Though, excluding the loss of a major contract, revenue would have been up 12% year on year. Appen's underlying EBITDA was a loss of $1.5 million, which is a $1.4 million improvement on the loss of $2.9 million a year ago.
Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is down 2% to $7.36. This has been driven by the regional bank's shares going ex-dividend this morning. Earlier this month, Bank of Queensland released its half year results and declared an 18 cents per share fully franked interim dividend. This will be paid to eligible shareholders next month on 23 May.
Novonix Ltd (ASX: NVX)
The Novonix share price is down 4.5% to 43 cents. This morning, this battery materials and technology company released its quarterly update and revealed an operating cash outflow of US$16 million. In other news, Novonix announced an agreement to purchase a 182-acre parcel in the Enterprise South Industrial Park in Chattanooga, Tennessee. The land will be acquired for approximately US$5 million and serve as the site for its second facility of high-performance synthetic graphite. Interim CEO, Robert Long, stated: "We are thrilled to finalize the agreement for Enterprise South, marking a significant step in our expansion strategy."
Ora Banda Mining Ltd (ASX: OBM)
The Ora Banda share price is down 7% to 98.5 cents. Investors have been selling this gold miner's shares following the release of its quarterly update. Gold sold increased by 6% from the prior quarter to 23,643 ounces, which has taken its total FY 2025 year-to-date gold sold to 71,467 ounces. This is 6% above what was sold during the whole of FY 2024 with one further quarter of production remaining. However, this hasn't stopped management from downgrading its guidance. Its revised production guidance for FY 2025 is 100koz-105koz (previously 100koz-110koz). It has also increased its AISC notably to A$2,350/oz – A$2,500/oz (from A$1,975/oz – A$2,125/oz).
