The S&P/ASX 200 Index (ASX: XJO) is back on form and on course to record a small gain. In afternoon trade, the benchmark index is up 0.3% to 8,877.5 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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Bubs Australia Ltd (ASX: BUB)
The Bubs Australia share price is down 3% to 15 cents. This appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded this infant formula company's shares to an accumulate rating from buy with a trimmed price target of 18 cents (from 20 cents). While it was pleased with its performance in FY 2025, it highlights that there is renewed board room instability following the surprise exit of its chair and the recent resignation of its CEO.
Ora Banda Mining Ltd (ASX: OBM)
The Ora Banda Mining share price is down a further 5% to 99.2 cents. This gold miner's shares have been under pressure this week after the release of a bearish broker note out of Macquarie. According to the note, the broker downgraded the gold miner's shares from outperform all the way to an underperform rating with a 95 cents price target. This followed the release of its mineral resources and ore reserve statement at the end of last week.
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is down 2% to $11.06. The catalyst for this has been the airline operator's shares going ex-dividend this morning for its fully franked final dividend and special dividend of FY 2025. Last month, the airline operator released its FY 2025 results and revealed a fully franked final dividend of 16.5 cents per share and a fully franked special dividend of 9.9 cents per share. These dividends, which total 26.4 cents per share, will be paid to eligible shareholders on 15 October.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is down 3% to $16.74. Investors have been selling this retail conglomerate's shares following the shock exit of its CEO, Anthony Heraghty. The release states: "The Board made this decision after receiving new information from Mr Heraghty regarding his relationship with the company's former Chief Human Resources Officer. In light of this new information, the Board has concluded Mr Heraghty's prior disclosures were not satisfactory. The Board will carefully consider the implications this may have for the company and any related matters." Super Retail's CFO, David Burns, has been appointed interim CEO while it undertakes a search for a replacement.
