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 slightly to 6,987.1 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Ansell Limited (ASX: ANN)
The Ansell share price is down 14% to $26.95. Investors have been selling the health and safety products company’s shares after it downgraded its earnings guidance. Ansell now expects its earnings per share to be between 125 US cents to 145 US cents in FY 2022. This is down materially from its previous guidance of 175 US cents to 195 US cents. Management blamed this on softening demand and COVID-related operational challenges.
AnteoTech Ltd (ASX: ADO)
The AnteoTech share price has crashed a further 11% to 20 cents. Investors have been selling off this medical device company’s shares since the release of an update on its EuGeni Reader and COVID-19 Rapid Diagnostic Test (RDT). Instead of receiving approval, that update revealed that AnteoTech has received a request for further information from the Therapeutic Goods Administration (TGA).
Dubber Corp Ltd (ASX: DUB)
The Dubber share price is down 5% to $1.80. This morning the global unified call recording and voice intelligence cloud service provider released its second quarter update. Although that update revealed an 82% increase in annualised recurring revenue (ARR) to $51.8 million, weak cash receipts appear to be weighing on sentiment. Management advised that its cash receipts were ~$1 million less than expected due to a delayed payment from a large customer.
NIB Holdings Limited (ASX: NHF)
The NIB share price has fallen 5.5% to $6.26. Investors have been selling the private health insurer’s shares after JP Morgan downgraded them to an underweight rating with a $6.10 price target. The broker has concerns over margin pressures, among other things.
The post Why Ansell, AnteoTech, Dubber, and NIB shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Why is the NIB (ASX:NHF) share price sliding 7% today?
- ASX 200 (ASX:XJO) midday update: Ansell crushed, ResMed upgraded
- Ansell (ASX:ANN) share price crashes 20% as guidance slashed
- Why AnteoTech, Newcrest, Nitro, and ResMed shares are falling
- Why the AnteoTech (ASX:ADO) share price is plummeting 23% on Friday
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. owns and has recommended Dubber Corporation. The Motley Fool Australia owns and has recommended Dubber Corporation. The Motley Fool Australia has recommended Ansell Ltd. and NIB Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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