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In the afternoon trade, the S & P / ASX 200 Index (ASX: XJO) is on the way to record a strong gain. At the time of writing, the benchmark is up 0.7% to 7,095.9 points.
Four ASX stocks that failed to follow the market higher today are listed below. Here’s why they’re tumbling down:
Carbon Revolution Ltd (ASX: CBR)
The Carbon Revolution share price is down 13% to $ 1.34. Investors sold shares in the carbon fiber wheel maker after it revealed that one of its major customers had suspended vehicle production due to computer chip shortages. As a result, Carbon Revolution estimates that it will sell around 1,800 fewer wheels in FY2021 compared to FY2020.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
The Fisher & Paykel Healthcare share price is down 4% to $ 30.45. And this despite there being no news from the medical device company. However, with its annual results expected to be released in a few days, some investors may be nervous. Especially given the high multiples its stocks are trading on and high market expectations.
The Nuix share price fell 6% to $ 3.42. Investors may sell shares of the investigative analysis firm amid reports that a class action lawsuit could be brought against it. According to AFR, a number of class action firms have confirmed their interest in suing the company.
Paradigm Biopharmaceuticals Ltd (ASX: BY)
Paradigm’s share price fell 8% to $ 2.14. This morning, the biopharmaceutical company provided the market with an update on its relationship with the US FDA. The release says Paradigm has received written comments regarding the submission of an investigational new drug for its pivotal study evaluating PPS in osteoarthritis of the knee. The agency presented its suggested mitigation strategies to address its positions and questions, which include more detailed clinical monitoring.