Why Block, Iluka, Nitro, and Novonix shares are dropping today

A worried man holds his head and look at his computer.

A worried man holds his head and look at his computer.The S&P/ASX 200 Index (ASX: XJO) is having a subdued day on Wednesday. In afternoon trade, the benchmark index is down slightly to 6,805.2 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Block Inc (ASX: SQ2)

The Block share price is down 4% to $98.72. This follows a very poor night of trade on Wall Street for the payments company’s NYSE listed shares. They fell 7% during the session amid broad weakness in the tech sector. This saw the tech focused Nasdaq index lose 1.9% of its value on Tuesday night.

Iluka Resources Limited (ASX: ILU)

The Iluka share price is down 3% to $9.41. This has been driven by the mineral sands company completing the demerger of its rutile business into a separate listed entity – Sierra Rutile Holdings Limited (ASX: SRX). The Iluka board believed the demerger was the optimal pathway for the business to achieve its growth objectives, reach its potential, and maximise value for Iluka shareholders. Sie

Nitro Software Ltd (ASX: NTO)

The Nitro share price is down a further 6% to $1.18. Investors have been selling this document productivity software company’s shares this week following the release of its quarterly update. Although Nitro delivered strong growth during the first half, it has cut its guidance for the full year. Management has decided to balance its pursuit of annual recurring revenue growth while accelerating its cash flow breakeven goals.

Novonix Ltd (ASX: NVX)

The Novonix share price is down almost 4% to $2.38. This follows the release of the battery technology company’s quarterly update this morning. Investors appear a touch underwhelmed with the company’s cash receipts of just $2.5 million and operating cash outflow of $7.9 million.

The post Why Block, Iluka, Nitro, and Novonix shares are dropping today appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now

See The 5 Stocks
*Returns as of July 7 2022

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);

More reading

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 positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/02M6Er3

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s