The S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a small decline. In afternoon trade, the benchmark index is down 0.1% to 7,488 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 4% to 63 cents. Investors have been selling this semiconductor companyâs shares after it reported cash receipts of US$1.1 million for the three months ended 31 December. This compares to its current market capitalisation of $1.15 billion. No wonder Brainchip gets called a meme stock!
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down over 3% to $4.91. This morning, IAG revealed that it had already received more than 5,000 claims in New Zealand following the devastating floods. The full financial impact is still unknown and IAG may need to review its estimate for natural peril costs for FY 2023.
Metcash Limited (ASX: MTS)
The Metcash share price is down 2.5% to $4.10. This follows news that the companyâs Food CEO, Scott Marshall, has resigned. Marshall had been with Metcash for over 30 years and is leaving to pursue another career opportunity.
ResMed Inc (ASX: RMD)
The ResMed share price is down 7.5% to $31.12. Investors were buying this sleep treatment companyâs shares on Friday following the release of its quarterly update. However, with the ResMed share price falling heavily on Wall Street that evening, its locally listed shares have had a bit of catching up to do today. It is worth noting, though, that brokers are overwhelmingly positive on the company following the update.
The post Why Brainchip, IAG, Metcash, and ResMed shares are sinking today appeared first on The Motley Fool Australia.
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More reading
- Why is the IAG share price tumbling 4% on Monday?
- ResMed share price sinks 7%: Is this a buying opportunity?
- Add some oomph to your portfolio with these ASX growth shares: analysts
- Here’s why the Brainchip share price is being sold down again today
- 5 things to watch on the ASX 200 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 ResMed. The Motley Fool Australia has positions in and has recommended Insurance Australia Group and ResMed. The Motley Fool Australia has recommended Metcash. 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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