Why Brainchip, Lynas, Megaport, and Universal Store shares are dropping today

A woman looks distressed as she stares dramatically at her phone

A woman looks distressed as she stares dramatically at her phone

After fighting back from a poor start, the S&P/ASX 200 Index (ASX: XJO) has slipped back into the red in afternoon trade. The benchmark index is currently down slightly to 7,326.4 points.

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

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down 7.5% to 55 cents. Investors appear to have been taking profit following a strong gain on Monday in response to the launch of the new Akida platform. The old platform doesn’t appear to have been cutting it for customers, so the company has designed the new one in line with requests. In light of this, if its sales don’t jump in the coming quarters, it could be a very bad sign.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is down 1.5% to $7.35. Investors have been selling this rare earths producer’s shares in recent sessions amid concerns over comments out of Tesla. The electric vehicle giant has announced plans to shift away from using rare earths in its cars in the near future. The Lynas share price is now down 11% since this time last week.

Megaport Ltd (ASX: MP1)

The Megaport share price is down 14% to $4.95. This has been driven by the surprise resignation of the network services provider’s CEO this morning. Rather ominously, Vincent English will be leaving with immediate effect and without an explanation. A global search is now commencing.

Universal Store Holdings Ltd (ASX: UNI)

The Universal Store share price is down almost 4% to $5.29. This decline is attributable to the retailer’s shares going ex-dividend on Tuesday for its interim dividend. Eligible shareholders can now look forward to receiving Universal Store’s 14 cents per share fully franked dividend later this month on 29 March.

The post Why Brainchip, Lynas, Megaport, and Universal Store 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 Megaport. The Motley Fool Australia has recommended Megaport. 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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