The S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday and is pushing higher. At the time of writing, the benchmark index is up 0.6% to 8,824.5 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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Articore Group Ltd (ASX: ATG)
The Articore Group share price is down over 2% to 22.5 cents. This morning, the company formerly known as Redbubble revealed that group CEO Vivek Kumar has been appointed to the board as managing director. Articore's chair, Robin Mendelson, said "Vivek's appointment as Managing Director reflects the Board's clear focus on performance, accountability and long-term shareholder value. Under his leadership, the Group has delivered a step-change in results, including our strongest fourth quarter in five years and record gross profit margin. This appointment reinforces our confidence in Vivek's ability to execute the turnaround and deliver sustained value through operational discipline and strategic focus."
Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon Holdings share price is down 3.5% to $3.14. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the rail freight operator's shares to a neutral rating (from outperform) with a trimmed price target of $3.31 (from $3.39). It said: "Near-term risk is Mt Isa with Glencore and Dyno Nobel and whether the operations will continue. Upside reflects BHP win and further wins on SA/NT. Upside also reflects the below rail reset, albeit clarity around this would come later in the year."
Light & Wonder Inc. (ASX: LNW)
The Light & Wonder share price is down almost 6% to $134.10. This follows a poor night of trade for the gaming technology company's NASDAQ-listed shares on Wall Street overnight. As the company is scheduled to release its second quarter results tonight, it seems that some investors are expecting Light & Wonder to disappoint and have been selling shares ahead of the release. The consensus estimate is for revenue of US$854.15 million and earnings per share of US$1.40.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is down a further 4% to 29.25 cents. This morning, the graphite producer's pro rata accelerated non-renounceable entitlement offer opened to retail shareholders. The company is aiming to raise a further $28 million through the issue of new fully paid ordinary shares at an offer price of $0.26 per new share. Last week, Syrah raised $42 million from institutional investors at the same price.
