The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small gain. At the time of writing, the benchmark index is up 0.1% to 8,558.8 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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4DS Memory Ltd (ASX: 4DS)
The 4DS Memory share price is down 60% to 2.5 cents. Investors have been hitting the sell button today after the semiconductor company released an update on its Sixth Platform Lot. It is a new batch of memory wafers designed to demonstrate its 20-nanometre memory cells. The update stated: "[T]he initial analysis of the wafers within the entire Lot indicates that the necessary process modifications and optimizations introduced into the Sixth Platform Lot have not yielded the expected electrical testing and characterization results the Company was expecting."
ASX Ltd (ASX: ASX)
The ASX share price is down 6% to $68.25. This has been driven by news that the stock exchange operator has been hit with action by the Australian Securities and Investments Commission (ASIC). The corporate regulator plans to commence a compliance assessment and inquiry "into the obligations of ASX's market licensees and clearing and settlement licensees under ss794C and 823C of the Corporations Act." In response, ASX chair, David Clarke said: "We acknowledge the seriousness of this action, and ASIC's inquiry will have our full cooperation […] we acknowledge there have been incidents that have damaged trust in ASX."
Betr Entertainment Ltd (BBT)
The Betr Entertainment share price is down 5% to 30 cents. This follows news that Pointsbet Holdings Ltd (ASX: PBH) has rejected the sports betting company's takeover offer. It is pushing ahead with an offer from MIXI Australia instead. Pointsbet said: "The due diligence investigations undertaken by PointsBet reinforce the view of the PointsBet Board that the value of the Betr Proposal is materially below the $1.20 in cash per PointsBet share being offered by MIXI Australia."
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 6% to $21.15. This appears to have been driven by profit taking from some investors after gold miners raced higher on Friday in response to escalating tensions in the Middle East. It isn't just Northern Star that is falling. Almost all gold miners are down today. This has led to the S&P/ASX All Ords Gold index losing 3% on Monday.
