In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.15% to 7,546.1 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 64.5 cents. This follows weakness in the tech sector and news that short sellers are increasing their interest in this semiconductor company. The meme stock is now in the top ten with short interest of 6.7%. Its abject sales performance and crazy valuation appear to be the reason for this short interest.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down over 4% to $1.08. Once again, Goldman Sachs has reaffirmed its sell rating and 95 cents price target on this lithium developerâs shares. In other news, this morning the company announced the appointment of its new CFO, Doug Warden. He has previously held the same role with a couple of other ASX miners.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down over 2% to $4.63. This morning, the team at Morgans downgraded this insurance giantâs shares to a hold rating with a $5.04 price target. The broker made the move after cutting its earnings forecast materially for FY 2023 due to IAG’s half year update, which fell well short of expectations.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 15% to $10.53. This follows the release of the furniture retailerâs half year results this morning. Although Nick Scali reported a 70% increase in net profit after tax to $60.6 million, management was unable to provide any guidance for the full year. This may have spooked some investors.
The post Why Brainchip, Core Lithium, IAG, and Nick Scali shares are dropping today appeared first on The Motley Fool Australia.
How to grow a retirement portfolio with ‘pullback stocks’
Historically, some millionaires are made in bear markets…
Forbes says, “History shows investors who buy during bear markets will likely see huge gains.”
And Motley Fool’s Andrew Legget has uncovered 4 ‘pullback stocks’ that could help grow any investors’ retirement.
Get all the details here.
See The 4 Stocks
*Returns as of February 1 2023
(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
- IAG share price tumbles on broker downgrade
- Nick Scali share price plummets despite 70% profit boost
- Would Core Lithium shares be dirt cheap if lithium prices remain strong?
- These are the 10 most shorted ASX shares
- Top brokers name 3 ASX shares to buy next week
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 no position in any of the stocks mentioned. 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.
from The Motley Fool Australia https://ift.tt/ID9fzHd
Leave a Reply