Why Appen, Bank of Queensland, Kogan, and Mayne Pharma shares are dropping

Three guys in shirts and ties give the thumbs down.

Three guys in shirts and ties give the thumbs down.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.2% to 7,251.1 points.

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

Appen Ltd (ASX: APX)

The Appen share price is down 27% to $2.33. Investors have been hitting the sell button in a panic after the artificial intelligence data services company released another disastrous update. For the first four months of FY 2023, Appen revealed that its revenue was down 21.4% to US$95.7 million and its constant currency underlying EBITDA was negative US$12.4 million. The latter compares to positive EBITDA of $7.9 million a year earlier.

Bank of Queensland Ltd (ASX: BOQ)

The Bank of Queensland share price is down 4.5% to $5.64. This has been driven by the regional bank’s shares trading ex-dividend this morning for its interim dividend. Eligible shareholders can now look forward to being paid this fully franked 20 cents per share dividend on 1 June.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 4% to $4.29 despite there being no news out of the struggling online retailer. However, it is worth noting that Kogan was recently named among a group of companies that Jarden thinks could suffer from Amazon’s rampant rise in Australia.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down 9% to $3.74. This follows the release of an investor update this morning. Management warned that it now expects its key Nextstellis product to achieve its breakeven weekly run rate in the United States in the first half of 2024. However, it was pleased with the performance of the whole portfolio, which it notes is delivering steady revenue growth and positive contribution margin.

The post Why Appen, Bank of Queensland, Kogan, and Mayne Pharma shares are dropping 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 April 3 2023

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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 and Kogan.com. The Motley Fool Australia has positions in and has recommended Kogan.com. 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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