In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.7% to 8,764.4 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 11.5% to 97 cents. Investors have been selling this artificial intelligence (AI) data services provider's shares following the release of its second quarter update. Appen reported a 6% year on year decline in revenue to $51.9 million for the quarter. Appen's CEO, Ryan Kolln, commented: "Q2 was a strong quarter for our China business, exiting the quarter with an annualised revenue run-rate over $100 million – a pleasing result and milestone. In addition to the significant revenue growth, the China business achieved underlying EBITDA profitability for both Q1 and Q2. The remainder of our business was impacted by short-term volatility due to the dynamic nature of the US AI market."
Emerald Resources NL (ASX: EMR)
The Emerald Resources share price is down 5% to $3.48. This follows the release of the gold miner's quarterly update. The company revealed quarterly production of 19.1k ounces, which was flat quarter on quarter. Looking ahead, management has downgraded its FY 2026 guidance to a range of 105k ounces to 120k ounces. This is down from 110k ounces to 125k ounces previously.
IGO Ltd (ASX: IGO)
The IGO share price is down over 6% to $4.67. Investors have been selling the battery materials miner's shares following the release of its quarterly update. While it performed reasonably positively during the three months, this was overshadowed by its weak cash flow generation and concerns over the Kwinana refinery. IGO's CEO, Ivan Vella, said: "The Kwinana lithium hydroxide refinery operated well below nameplate capacity in the quarter and did not achieve guided production tonnes for the year. Despite the strong commitment from the team at site to address operational problems and ongoing issues, IGO has low confidence in the ability of this asset to achieve meaningful, sustained improvement."
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is down 6% to 12.2 cents. This morning, this energy producer released its quarterly update and revealed a 1% increase in sales volumes but a 1% decline in sales revenue. Strike Energy's CEO, Peter Stokes, remains positive on the future. He said: "Our integrated gas and power model positions Strike to capture higher-margin opportunities while ensuring energy security for the State. We enter FY26 with strong momentum, a robust balance sheet and a renewed focus on disciplined delivery."
