In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing, the benchmark index is down 0.2% to 7,137.1 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 8% to 67.5 cents. This follows news that the semiconductor company is raising funds. Brainchip is issuing US based alternative investment group LDA Capital with 30 million shares at a discount to be decided in the future. Brainchip also wants the option to issue an additional 10 million shares, but this will be subject to approval. LDA is not required to hold the shares and can sell them for a quick profit.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down 3.5% to $4.57. Investors have been selling this insurance giantâs shares since the announcement of its 2023 reinsurance program on Monday, which revealed a jump in reinsurance prices. In response, this morning Morgan Stanley retained its underweight rating and $4.20 price target on its shares.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down almost 5% to $24.98. The catalyst for this has been the retail conglomerateâs shares trading ex-dividend this morning for its upcoming dividend payment. The Peter Alexander and Smiggle owner declared a fully franked final and special dividend totalling 79 cents per share with its full year results. This will be paid to eligible shareholders later this month on 25 January.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down a further 5% to $6.52. Investors have been selling this radiopharmaceuticals companyâs shares this week following the release of a trading update. Although Telix reported a 39% quarter on quarter increase in unaudited revenue to $76.8 million, investors appear to have been expecting a stronger performance.
The post Why Brainchip, IAG, Premier Investments, and Telix shares are sinking today appeared first on The Motley Fool Australia.
Turn the market pullback to your advantage today
The recent market pullback in stocks has been eye watering…
But there is a silver lining because, historically, some millionaires are made in bear markets.
And when investors can find world-class stocks at severe discounts you have to wonder…
Have you got these four ‘pullback stocks’ in your portfolio?
See The 4 Stocks
*Returns as of January 5 2023
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More reading
- Here’s why the Brainchip share price is sinking 6% today
- 5 things to watch on the ASX 200 on Tuesday
- Why AMP, Computershare, IAG, and Telix shares are dropping today
- Here are the top 10 ASX 200 shares today
- ASX 200 tech shares are leading the market higher today
Motley Fool contributor James Mickleboro has positions in Telix Pharmaceuticals. 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 positions in and has recommended Insurance Australia Group. The Motley Fool Australia has recommended Premier Investments. 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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