In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. At the time of writing, the benchmark index is down 1.05% to 7,097.9 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down a 5.5% to $5.75. Investors have been selling the infant formula company’s shares after it downgraded its FY 2021 guidance for the fourth time on Monday. Adding to the selling pressure were a number of bearish broker notes this morning. One of those came from Credit Suisse, which has retained its underperform rating and slashed its price target on the company’s shares to just $5.00.
Afterpay Ltd (ASX: APT)
The Afterpay share price is down a disappointing 9% to $88.92. Investors have been selling Afterpay and other tech shares on Tuesday after the tech-focused Nasdaq index sank lower during overnight trade. The Nasdaq index ended the session with a 2.55% decline. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down 3.8%.
Nearmap Ltd (ASX: NEA)
The Nearmap share price has fallen 7.5% to $1.69. As well as coming under pressure by the tech selloff, legal issues are weighing on the aerial imagery technology and location data company’s shares. Nearmap was hit with legal proceedings from rival Eagle View last week. It alleges patent infringement in relation to its roof estimation technology.
REA Group Limited (ASX: REA)
The REA Group share price is down 4% to $153.93. Profit taking appears to be weighing on this property listings company’s shares this morning. Not even a bullish broker note out of Macquarie has been able to stop the decline. Its analysts have retained their outperform rating and lifted their price target to $179.10.