The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 8,777.2 points.
Four ASX shares that are dragging on the market today are listed below. Here's why they are falling:
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Cochlear Ltd (ASX: COH)
The Cochlear share price is down 1.5% to $280.72. This may have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has retained its underweight rating and $280.00 price target on the hearing solutions company's shares. This is a touch below where its shares currently trade.
Premier Investments Ltd (ASX: PMV)
The Premier Investments share price is down 4% to $19.49. This follows a lukewarm response to the retail giant's FY 2025 results release on Thursday. As a reminder, the Smiggle and Peter Alexander owner reported a 0.9% increase in retail sales to $812.2 million. This was driven by a 7.7% increase in Peter Alexander sales to a record of $548.0 million, which offset a 10.7% decline in Smiggle global sales. This allowed the company's board to declare a fully franked final dividend of 50 cents per share. This morning, the team at Macquarie retained its neutral rating on the company's shares with a trimmed price target of $20.80.
Siteminder Ltd (ASX: SDR)
The Siteminder share price is down 1.5% to $7.25. This may have been driven by news that Bailador Technology Investments Ltd (ASX: BTI) has completed a $25 million cash realisation of its investment in SiteMinder. However, it has retained 75% of its holding. Bailador's co-founder and managing partner, Paul Wilson, said: "SiteMinder remains a pivotal investment for Bailador, combining best-in-class technology infrastructure with significant international growth potential and outstanding management capabilities. We continue to have high confidence in generating long-term returns for shareholders through our sustained investment in SiteMinder."
Tamboran Resources Corp (ASX: TBN)
The Tamboran Resources share price is down 3% to 3 cents. This follows the release of the energy explorer's fourth quarter update. Tamboran Resources' chairman and interim CEO, Richard Stoneburner, was pleased with the quarter. He said: "The fourth quarter has been a period of incredible activity for Tamboran. Our team delivered record flow rates from the ~5,500-foot horizontal section in the SS-2H ST1 well. Importantly, the well delivered an extremely flat decline curve over the 90-day period, including a surprising 2% increase over the last 30 days of testing without downhole intervention or changes to the choke."
