The S&P/ASX 200 Index (ASX: XJO) is on form and having a good session on Wednesday. In afternoon trade, the benchmark index is up 0.65% to 8,429 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
The Block Inc. share price is down 4.5% to $138.86. This follows a poor night of trade for the payments company's NYSE-listed shares on Wall Street. It is unclear what caused the selling but profit taking is a possibility. After all, Block's shares were up over 60% in the space of six months before today's pullback.
The Canyon Resources share price is down over 4% to 22.5 cents. This morning, this bauxite developer announced a surprise change of CEO. According to the release, current CEO, Jean Sebastien Boutet, will be transitioning into a new role as chief commercial & corporate development officer from the start of July. He will be replaced by Peter Secker. The release notes that "Secker is a highly accomplished executive and leader, with over 40 years of extensive experience in project development spanning on-site operations and corporate growth within the global mining and resources industry."
The Fisher & Paykel Healthcare share price is down a further 1.5% to $31.29. This medical device company's shares have come under pressure this week amid concerns over US trade tariffs. For the first half of FY 2025, approximately 43% of revenue came from the United States. And approximately 60% of US volumes are supplied from the company's Mexico manufacturing facilities. As a result, the company warned that potential US tariffs on Mexican goods would likely delay the achievement of its margin improvement goal by two to three years.
The Mesoblast share price is down 3.5% to $3.08. This may have been driven by profit taking from some investors after stellar gains over the past 12 months. Thanks to the long-awaited approval of one of its stem cell therapies by the US FDA, Mesoblast's shares have rallied an incredible 1,000%+ over the past 12 months. Though, it is worth noting that not everyone believes that the gains are over. Bell Potter currently has a speculative buy rating and $3.90 price target on its shares. This implies potential upside of 26% for investors from current levels.
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