The S&P/ASX 200 Index (ASX: XJO) is having a good session on Tuesday. In afternoon trade, the benchmark index is up 0.6% to 9,087.5 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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Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 4% to $2.50. Investors have been selling this auto parts retailer's shares this week following the release of a trading update. Bapcor announced that it expects its first half underlying profit to be in the range of $14 million to $18 million. This is down sharply from $45.5 million in the prior corresponding period. And while a stronger second half is expected, with management guiding to full year statutory profit in the range of $40 million to $50 million, investors appear cautious. In response to its update, this morning Morgans retained its hold rating with a heavily reduced price target of $2.75 (from $3.90).
Cleanaway Waste Management Ltd (ASX: CWY)
The Cleanaway Waste Management share price is down over 4% to $2.66. This follows the release of a trading update ahead of the waste management company's annual general meeting. Management advised that the first quarter was tough due to subdued trading conditions. And while it has reaffirmed its FY 2026 underlying EBIT guidance of $470 million to $500 million, it warned that its earnings will be weighted more heavily to the second half than normal. Cleanaway's CEO, Mark Schubert, said: "While trading conditions in the September quarter were subdued, we know what needs to be done and are confident in our ability to deliver our FY26 earnings guidance."
Sunrise Energy Metals Ltd (ASX: SRL)
The Sunrise Energy Metals share price is down 7% to $5.50. Investors have been selling this scandium developer's shares following the release of a mineral resource update for the Syerston Scandium Project. Management revealed that its ore reserve estimate has increased by 87% and underpins a 30+ year asset life. While this appears positive, it seems that investors were expecting an even stronger update.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 6% to $4.34. This may have been driven by profit taking from investors after strong gains were recorded year to date. For example, even after today's pull back, the buy now pay later provider's shares are still up 47% since the start of the year. Though, it is worth noting that analysts at UBS believe Zip's shares can keep rising. This morning, the broker retained its buy rating on its shares with an improved price target of $5.40.
