It has been another positive session for the S&P/ASX 200 Index (ASX: XJO) on Tuesday. At the time of writing, the benchmark index is up 0.7% to 8,312.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is down almost 2% to $6.30. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded the infant formula company's shares to a sell rating with a $6.10 price target. Its analysts said: "We downgrade from Hold to Sell. The recent share price rally, triggered by expectations of strong Chinese stimulus announcements sees A2M trade at 17.5x FY25e EBITDA, which represents a 115% premium to global IMF plays and 51% premium to Dairy FMCG plays."

Cooper Energy Ltd (ASX: COE)

The Cooper Energy share price is down almost 4% to 20.7 cents. This follows the release of the energy company's quarterly update this morning. Although Cooper Energy delivered record quarterly production and revenue, it seems that the market was expecting even stronger numbers. The company's first quarter production increased 17% over the previous quarter, underpinning a 15% increase in revenue to $65.8 million.

IDP Education Ltd (ASX: IEL)

The IDP Education share price is down 3.5% to $14.26. Investors have been selling this language testing and student placement company's shares following the release of its annual general meeting presentation. At the event, management warned that "we anticipate international education student volumes in our markets will decline 20-25% in the year ahead." Though, it highlights that "with the combination of our expert people and leading technology, we stand ready to grow our share."

Tyro Payments Ltd (ASX: TYR)

The Tyro Payments share price is down 13% to 78.5 cents. This has been driven by news that the Federal Government is planning to crack down on card surcharges. According to the ABC, the government says it is prepared to ban debit card surcharges from January 2026, subject to a review underway by the Reserve Bank. It is now tasking the Australian Competition and Consumer Commission with looking out for illegal and unfair surcharging practices This could be bad news for payment companies like Tyro and could put pressure on its margins, which improved ahead of the market's expectations in FY 2024.