The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. In afternoon trade, the benchmark index is up 0.25% to 8,689.5 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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Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is down 42% to $1.97. This morning, this uranium producer released its fourth quarter update. While the company performed positively during the quarter, its guidance for the year ahead has disappointed investors. Management advised that in FY 2026 its Honeymoon Project is targeting production of 1.6Mlbs U3O8 with a C1 cash cost of A$41 to A$45/lb (US$27-29/lb). The latter is meaningfully higher than its second half C1 costs of A$35/lb.
Elsight Ltd (ASX: ELS)
The Elsight share price is down 6% to $1.80. The catalyst for this appears to have been a please explain notice from the Australian stock exchange. The drone connectivity technology company was quizzed on information being leaked to the media relating to its capital raising. It responded: "ELS confirms that it was not the source of any information to the media concerning the Article. In addition, ELS was informed by Bell Potter that it was also not the source of any information to the media that appeared in the Article."
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 7% to $1.79. Investors have been selling Pilbara Minerals shares on Monday despite there being no news out of the lithium miner. However, it is worth noting that most ASX lithium stocks are under pressure today and are falling heavily. A note out of Macquarie this month spoke negatively about the near term outlook for lithium prices. It stated: "We see lithium market remaining over-supplied in the near term, with potential catalysts emerging in 4QCY25."
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 4% to $6.67. This morning, analysts at Bell Potter downgraded this coal miner's shares to a hold rating (from buy) with a trimmed price target of $6.90 (from $7.10). Commenting on the downgrade, the broker said: "We have a positive long term met coal outlook, driven by constrained supply and increased demand from steel producers reliant on seaborne met coal (i.e. India). WHC is positioned to capitalise on improved coal markets through its portfolio of organic growth projects. We move to a Hold recommendation, on recent strong share price performance and in line with our recommendation structure."
