In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is crashing notably lower. At the time of writing the benchmark index is down a sizeable 2.6% to 5,952.1 points.
Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:
The Appen Ltd (ASX: APX) share price has tumbled 7% lower to $32.51. This follows a broad selloff in the tech sector on Friday following a heavy decline on Wall Street’s Nasdaq index overnight. This latest decline means the Appen share price has now lost around 25% of its value in a little over a week. I think this has brought it down to a very attractive level.
The Kogan.com Ltd (ASX: KGN) share price has crashed 11% lower to $19.29. This decline also appears to be due to the aforementioned tech selloff. Though, Kogan may have fallen more than most today due to its incredible gains in 2020. This is likely to have led to profit taking from some investors on Friday. Even after this decline, the Kogan share price is up over 150% since the start of the year.
The OZ Minerals Limited (ASX: OZL) share price has dropped 4% to $14.40. This morning analysts at Ord Minnett downgraded the copper producer’s shares to a lighten rating with a $14.50 price target. The broker made the move on valuation grounds after a sharp rise in the OZ Minerals share price over the last few months.
The ResMed Inc. (ASX: RMD) share price is down 5.5% to $24.09. As well as the broad market selloff, ResMed has come under pressure after Macquarie reiterated its underperform rating and $20.00 price target on its shares. It believes that the medical device company’s shares are expensive relative to its near term growth potential.