The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Wednesday. In afternoon trade, the benchmark index is up 0.85% to 8,754.5 points.
Four ASX shares that have failed to follow the market higher today are named below. Here's why they are falling:
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JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is down over 7% to $72.12. This follows the release of a sales update from the retail giant this morning. The company revealed that JB Hi-Fi Australia total sales rose 4% and The Good Guys sales lifted 2.5% for the third quarter. However, while this was strong, comments from CEO Nick Wells appear to have spooked investors. He said: "As we enter the important end of financial year trading period, in the technology categories we are seeing significant supplier component related cost increases and stock availability shortages, along with heightened competitive activity."
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 6% to $9.03. This fund manager's shares have come under pressure this week after announcing sweeping changes to its global fund. This includes management fees being cut from 1.35% to 0.89% per annum and performance fees being removed. In addition, management of the Magellan Global Fund and Magellan Global Fund Hedged will change to Vinva Investment Management. Magellan's CEO, Sophia Rahmani, said: "We have carefully considered this decision and are prioritising client outcomes whilst at the same time positioning Magellan for long-term growth, with an attractive core global equities offering."
Lottery Corporation Ltd (ASX: TLC)
The Lottery Corporation share price is down 5.5% to $5.26. This appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has downgraded the lotteries company's shares to an equal-weight rating with a $5.70 price target. Morgan Stanley made the move partly on the belief that second-half trading has been softer than expected due to weaker jackpot activity.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is down 2% to $32.02. Investors have been selling Woodside shares following a pullback in oil prices. This has been triggered by optimism that the US and Iran could be close to signing a peace deal. It isn't just Woodside that is falling today. The S&P/ASX 200 Energy index is down 1.7% at the time of writing.
