The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Tuesday. In afternoon trade, the benchmark index is up 1% to 8,750 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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Endeavour Group Ltd (ASX: EDV)
The Endeavour Group share price is down 2% to $4.07. This morning, Bell Potter retained its hold rating and $4.50 price target on the drinks giant's shares. It said: "We retain our Hold rating and make minor EPS revisions. We see upside to FY26e VA consensus Retail revenue estimates if liquor spending growth picks up due to falling interest rates. However, the competitive threat presented by lower prices at Liquorland suggests margins are likely to be pressured in FY26e."
Platinum Capital Ltd (ASX: PMC)
The Platinum Capital share price is down 1.5% to $1.39. This follows news that it has decided to withdraw a proposed restructure via a scheme of arrangement with Platinum International Fund Complex ETF (ASX: PIXX). The company pulled the plug after looking at the anticipated voter turnout and L1 Capital's plan to vote against the scheme. Management believes the scheme would not receive sufficient support to meet the 75% approval threshold required for a scheme of arrangement.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix Pharmaceuticals share price is down over 11% to $17.98. The catalyst for this has been an update on the radiopharmaceuticals operating expenses. Telix advised that operating expenses, excluding investment in research and development, are expected to be approximately 36% of revenue in the first half of FY 2025. It revealed that this reflects the expanded business activities and its ongoing strategy to reinvest earnings in commercial growth and pipeline development opportunities. Some investors may be concerned that this will put a lot of pressure on its balance sheet.
TPG Telecom Ltd (ASX: TPG)
The TPG Telecom share price is down 2% to $5.42. This morning, the telco revealed plans to return $3 billion to shareholders via a capital return. This follows the sale of the Vocus business earlier this year. However, taking some shine off the news was a ratings update from S&P Global. It has assigned TPG Telecom a BBB rating with Outlook Negative. It said: "The negative outlook reflects near-term execution risks associated with TPG's various balance sheet management initiatives, including completion of a planned capital reduction and its proposed capital reinvestment plan."
