In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is charging higher. At the time of writing, the benchmark index is up 1.1% to 8,509.8 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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Accent Group Ltd (ASX: AX1)
The Accent share price is down a further 6% to 96 cents. This footwear retailer's shares have been under significant pressure since the release of guidance for FY 2026 at the end of last week. Accent revealed that it expects first half earnings before interest and tax (EBIT) in the range of $55 million to $60 million. This is down sharply from $80.7 million in the first half of FY 2025. For the full year, EBIT in the range of $85 million to $95 million is expected. This will be down from $110.2 million in FY 2025. This has been driven by like for like sales weakness and margin pressure due to promotional activity.
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is down over 2% to $4.48. This may have been driven by optimism that Russia and the Ukraine could soon sign a peace deal. While this would be great news for the world, it could reduce near term demand for drone and counter drone technology. EOS has reported very strong sales growth so far this year.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down a further 18% to $3.65. Investors have been selling this pharmaceutical company's shares since the Foreign Investment Review Board blocked its takeover by Cosette Pharmaceuticals. It said: "Mayne Pharma was notified by Cosette shortly after market open this morning that it had received written notice from the Foreign Investment Review Board (FIRB) stating that the Treasurer has objected to the proposed Scheme. As a result, Mayne Pharma is disappointed to inform shareholders that the FIRB condition precedent to the Scheme will not be satisfied such that the Scheme is unlikely to proceed." The company is now assessing its options and next steps and will keep the market informed as appropriate.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 2.5% to $3.80. This is despite there being no news out of the lithium miner on Monday. Though, it is worth noting that most ASX lithium stocks are trading lower today. This follows a relatively poor night of trade for their US listed peers on Wall Street on Friday. The Sociedad Química y Minera de Chile (NYSE: SQM) share price fell 2% despite the market rebound.
