In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.4% to 8,381.8 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
Brazilian Rare Earths Ltd (ASX: BRE)
The Brazilian Rare Earths share price is down 5% to $2.28. This follows the release of a drilling update from the Monte Alto project. Although the company reported record rare earths grades, it appears to have fallen short of what some investors were expecting. The company's CEO and Managing Director, Bernardo da Veiga, was pleased with the results. He said: "Less than a year ago, we announced the first drill 'discovery' of ultra-high-grade REE-Nb-Sc-Ta-U mineralisation at Monte Alto. Today, we are pleased to report new drilling results that include some of the highest grades ever reported globally, including exceptional rare earths grades of up to 45.7% TREO. These outstanding drilling results confirm Monte Alto's position as one of the highest grade rare earths and critical minerals projects in the world."
Carnarvon Energy Ltd (ASX: CVN)
The Carnarvon Energy share price is down 23% to 12 cents. This morning, this energy explorer released an update on the Dorado Phase 1 liquids development, offshore Western Australia. According to the release, the Dorado joint venture operator has decided not to purchase the Floating Production Storage and Offloading (FPSO) vessel that had been identified as an option for the Dorado Phase 1 liquids development project. The Operator has also decided to not enter Front End Engineering and Design (FEED) at this stage.
Computershare Ltd (ASX: CPU)
The Computershare share price is down 2% to $33.48. This appears to have been driven by a broker note out of Citi. According to the note, the broker has downgraded the stock transfer company's shares to a neutral rating with an improved price target of $35.00. It made the move on valuation grounds. Analysts at Morgans made a similar move on Monday, downgrading its shares to hold rating with a $34.43 price target.
Novonix Ltd (ASX: NVX)
The Novonix share price is down 6% to 61 cents. This morning, this battery materials and technology company shocked investors by announcing the sudden exit of its CEO. According to the release, Dr. Chris Burns is stepping down as CEO at the end of the week on 24 January and will be replaced by CFO Robert Long on an interim basis. Commenting on the exit, Novonix Chairman, Admiral Robert J Natter, said: "The Board of Directors would like to thank Dr. Burns for his exceptional leadership and dedication in what has been a dynamic market environment. The Board has great confidence in Mr Long's ability to continue this strong leadership during the transition period."
The post Why Brazilian Rare Earths, Carnarvon Energy, Computershare, and Novonix shares are falling today appeared first on The Motley Fool Australia.
Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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