In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.6% to 8,977.7 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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Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is down almost 8% to $2.89. This follows the announcement of a commercial manufacturing agreement for 64Cu-SAR-bisPSMA with Nucleus Radiopharma. It is an innovative contract development and manufacturing organisation in the radiopharmaceutical industry. Clarity's executive chair, Dr Alan Taylor, said: "Clarity is building a strong foundation with its supply and manufacturing strategy to support a large-scale commercial rollout of 64Cu-SARbisPSMA from day one, with capability to supply not only the entire existing PSMA PET market, but a larger pool of patients that could benefit from our optimised product, given the promising data we have seen in the clinic to date."
Qantas Airways Ltd (ASX: QAN)
The Qantas share price is down 1% to $8.93. This follows the release of a market update from the airline operator today. As was widely expected, Qantas revealed that fuel costs have risen strongly. It now expects jet fuel costs for the second half to be $3.1 billion to $3.3 billion. This is more than double previous expectations. It also advised that net debt is now expected at or above the midpoint, but within Qantas' target range. And while the $300 million interim dividend will be paid on 15 April, its $150 million buyback remains on hold.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is down 3% to $7.20. This morning, this youth fashion retailer announced the exit of its CEO, Alice Barbery, later this year. However, Universal Store has acted fast and named George Do as her successor. Universal Store's chair, Peter Birtles, said: "On behalf of the Board and the Universal team, I would like to thank Alice for her outstanding leadership of the Company over the past 17 years. During this time, she has overseen the continued strong growth and performance of the Universal Store retail banner, the creation and successful rollout of the Perfect Stranger retail banner and the acquisition of the CTC business."
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 2.5% to $41.60. Investors have been selling the banking giant's shares following the release of an update on its first-half expectations. The bank advised that: "Balance sheet momentum was solid with lending and deposit growth of 4% and 3% respectively; Core NIM, excluding the timing impact of rate rises, was stable in 2Q26; Ongoing productivity initiatives supported a 2% decline in expenses; and Asset quality metrics improved and the CET1 capital ratio strengthened in 2Q26."
