After a strong start to the day, in afternoon trade the S&P/ASX 200 Index (ASX: XJO) has faded and is now deep in the red. At the time of writing, the benchmark index is down 0.55% to 6,761.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Blackmores Limited (ASX: BKL)
The Blackmores share price is down 6% to $78.39. This is despite there being no news out of the health supplements company today. However, last week analysts at Citi put a sell rating and $59.20 price target on its shares. They have concerns over its valuation, particularly given the prospect of increasing competition in the local market and weakness in the daigou channel.
Cleanspace Holdings Ltd (ASX: CSX)
The Cleanspace share price has crashed 55% to $2.01 following the release of a trading update. That update revealed that the respiratory protection equipment manufacturer has experienced a major slowdown in sales. According to the release, third quarter sales are expected to be $7 million. This compares to first half sales of $39.7 million, which average out to $19.35 million per quarter.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has sunk 10% to $12.17. This appears to be due to concerns over online sports betting legalisation in New York. Deutsche Bank stated: "Comments from NY politicians, as reported by affiliate media, appear far more pessimistic than those of several weeks ago around the prospects of NY legalising online sports betting in this session." This would be a big blow, as the market is expected to be worth US$1.35 billion by 2023.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price has continued its slide and is down 2.5% to $10.37. Investors have been selling the wine company's shares this week after Chinese authorities confirmed that tariffs would be placed on Australian wine for at least the next five years. In respect to Treasury Wine, its portfolio has been hit with a 175.6% duty. Management previously warned that demand for its portfolio in China would be extremely limited while these measures are in place.
