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The S&P/ASX 200 Index (ASX:XJO) is on course for a strong gain. In afternoon trading, the benchmark index rose 1.15% to 6,614.3 points.
Four ASX stocks that failed to keep up with the market higher today are listed below. Here’s why they’re dropping:
Audio Pixels Holdings Ltd (ASX:AKP)
Audio Pixels stock price is down 2% at $17.44. Investors sold shares of this digital speaker developer amid news that the Australian equity market operator is questioning the status of its gaming token demo. For about a decade, Audio Pixels promises breakthrough digital speaker technology. But every time he’s about to finally reveal it, something seems to happen that sets things back.
Lake Resources stock price was down 4% to 73 cents. This despite no news from the lithium developer. However, it should be noted that a number of lithium stocks are down on Monday despite the market rising.
Link Administration Holdings Ltd (ASX: LNK)
Link’s stock price is down 1.5% at $3.75. This morning, this administrative services company rejected a takeover proposal from Dye & Durham. Last week, the proposal was reduced from $5.50 per share to $4.30 per share. Both parties are continuing discussions but Link will need a higher offer if a deal is to be reached.
Magellan Financial Group Ltd. (ASX:MFG)
Magellan’s stock price fell 9% to $11.81. This appears to have been prompted by news that co-founder Hamish Douglass was selling shares. Throughout June, Douglass sold approximately 760,000 Magellan shares. They have a current market value of around $9 million.