In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 8,168.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is down 1% to $2.97. Investors have been selling the rail freight operator's shares following the release of an update after the market close on Tuesday. That update revealed that the company plans to slash as many as 200 jobs. And while it still expects its group EBITDA for FY 2025 to be at the lower end of its $1.66 billion to $1.74 billion guidance range, this will depend upon its provision for impairment of receivables.
JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is down 3.5% to $100.04. This follows the release of a sales update from the retail giant this morning. Although the company revealed solid third quarter sales growth, it was a marked slowdown on the growth rates it achieved during the first half. CEO Terry Smart said: "In a challenging and competitive retail market, we are pleased to see sales momentum continue in Q3 FY25. As we approach the important end of financial year trading period, we remain focused on delivering consistently high levels of customer service and exceptional value for our customers."
Nuix Ltd (ASX: NXL)
The Nuix share price is down 16% to $1.99. The catalyst for this has been news that the investigative analytics and intelligence software provider has withdrawn its guidance for FY 2025. Nuix Chief Executive Officer Jonathan Rubinsztein explained: "This is a question of timing of deal closures, not the quality of Nuix's pipeline, which remains strong. The recent rise in uncertainty in the geopolitical landscape has made predicting the timing of contract executions, including some large individual transactions, more difficult, broadening the range of potential outcomes for this financial year."
Platinum Asset Management Ltd (ASX: PTM)
The Platinum Asset Management share price is down 8% to 57.5 cents. Investors have been selling this fund manager's shares this week after it released its latest funds under management update (FUM). Platinum reported FUM of $9,647 million for April, down 6.1% from $10,276 million at the end of March. In addition, the company advised that it has since received notice of the termination of an institutional mandate of approximately $958 million.
