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 0.2% to 7,421.2 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 16% to $2.79. This morning, the artificial intelligence data services company revealed that it expects to report full year revenue at the high end of its guidance range but EBITDA at the low end of its range. Appen also announced a non-cash, pre-tax impairment charge of $204.3 million relating to its new markets business.
Lendlease Group (ASX: LLC)
The Lendlease share price is down 7% to $7.69. Investors have been selling this engineering companyâs shares after its first half results disappointed. Lendlease reported a statutory loss of $141 million for the half. A key driver of this was a $200 million provision due to action by the United Kingdom government.
Nuix Ltd (ASX: NXL)
The Nuix share price has crashed 29% to $1.08. This appears to have been sparked by fears that the investigative analytics and intelligence software provider could be about to lose a major customer. According to the AFR, the Australian Securities and Investments Commission (ASIC) is planning to dump the company and use alternative software. There is also speculation that other government departments could follow suit.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down a massive 20% to $1.50. Investors have been selling this casino operatorâs shares after it released a disappointing earnings update. Star revealed that competition in Sydney was weighing on its performance and is expected to lead to a small decline in first half revenue compared to pre-COVID levels. This is also expected to weigh on its full year earnings.
The post Why Appen, Lendlease, Nuix, and Star shares are sinking today appeared first on The Motley Fool Australia.
4 ways to prepare for the next bull market
It’s a scary market. But staying in cash when inflation is surging likely won’t do investors any good either.
And when some world-class companies have pulled back considerably from their recent highs… All while their fundamentals remain unchanged…
It begs the question…
Do you have these 4 stocks in your portfolio?
See The 4 Stocks
*Returns as of February 1 2023
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More reading
- Could 2023 be the year these ASX AI stocks come roaring back?
- Why did the Nuix share price just crash 27%?
- Lendlease share price tumbles 5% on $141 million loss
- Why did the Star Casino share price just dive 19% to an all-time low?
- Why is the Appen share price diving 10% on Monday?
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. 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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