The S&P/ASX 200 Index (ASX: XJO) is back on form on Tuesday and pushing higher. In afternoon trade, the benchmark index is up 0.3% to 8,440.5 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Elders Ltd (ASX: ELD)
The Elders share price is down over 4% to $5.94. Investors have been selling this agribusiness company's shares today after it traded ex-dividend this morning. Last week, the company released its half year results and declared a partially franked interim dividend of 18 cents per share. Eligible Elders shareholders can now look forward to receiving this payout later this month on 27 June. Based on yesterday's close price, this payout represents a 2.9% dividend yield.
IDP Education Ltd (ASX: IEL)
The IDP Education share price is down 41% to $4.40. This language testing and student placement company's shares have come under significant pressure following the release of a market update. At one stage today, its shares were down as much as 48% to a low of $3.86. IDP Education advised that its key destination markets continue to be impacted by policy uncertainty. This is negatively impacting the size of the international student market globally. As a result, IDP Education is expecting to report a 28% to 30% drop in student placement volumes and an 18% to 20% decline in language testing volumes for FY 2025. This is expected to lead to its EBIT almost halving year on year.
Life360 Inc (ASX: 360)
The Life360 share price is down almost 4% to $31.88. This morning, this location technology company announced plans to launch a $250 million convertible senior notes offering. It said: "Life360 intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions. Life360 intends to use the remainder of the net proceeds from the offering for general corporate purposes, which may include acquisitions or strategic investments in complementary businesses, products, services or technologies."
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down a further 4% to $1.09. Investors have been selling lithium stocks again. This has been driven by news that lithium carbonate futures hit an all-time low at the end of last week. According to Shanghai Metals Market, the main lithium carbonate contract dropped to 58,460 yuan per tonne (US$8,114.6 per tonne). Lithium carbonate was fetching US$32,694 per tonne during 2023.
