Why Appen, ASX, Credit Corp, and Newcrest shares are dropping today

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.

The S&P/ASX 200 Index (ASX: XJO) has dropped into the red on Wednesday. In late trade, the benchmark index is down 0.35% to 6,973.4 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price has dropped a further 1.5% to $4.08. This artificial intelligence data services company’s shares have been sold off this week following a very disappointing trading update. Appen is expecting to report a 69% decline in half-year underlying EBITDA to $8.5 million due to softer digital advertising demand and a resultant slowdown in spending by some of its large customers. This morning Macquarie downgraded Appen’s shares to an underperform rating with a lowly $3.50 price target.

ASX Ltd (ASX: ASX)

The ASX share price is down 3.5% to $87.30. Investors have been selling this stock exchange operator’s shares after the release of a disappointing update on its CHESS replacement project. ASX is now expecting the system to go live in late 2024.

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is down 2% to $22.58. This could have been driven by a broker note out of Morgans this morning. While the broker has retained its add rating, it has slashed its price target by over 20% to $26.80. Morgans was disappointed with Credit Corp’s guidance for FY 2023 but sees enough value in its shares to retain its add rating.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down 2.5% to $19.04. This gold miner’s shares have come under pressure after the price of the precious metal dropped overnight. But it isn’t just Newcrest that is falling. The S&P/ASX All Ords Gold index is down 0.75% in afternoon trade on Wednesday.

The post Why Appen, ASX, Credit Corp, and Newcrest shares are dropping today appeared first on The Motley Fool Australia.

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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 Appen Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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