In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a subdued note. At the time of writing, the benchmark index is down slightly to 7,015.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
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Appen Ltd (ASX: APX)
The Appen share price is down 4% to $13.29. This decline appears to have been driven by a combination of profit taking and a broker note out of Macquarie Group Ltd (ASX: MQG). The latter has seen the broker retain its neutral rating but cut its price target to $14.70. Macquarie notes that the company is facing headwinds that could make achieving its guidance difficult.
Kogan.com Ltd (ASX: KGN)
The Kogan share price has crashed 13% to $8.83. Investors have been selling the ecommerce company's shares following the release of a trading update. That update reveals that inventory issues, promotional activities, and cost inflation are weighing on its performance. As result, it expects to report adjusted EBITDA of $58 million to $63 million in FY 2021. This is well short of the market's expectations.
Nufarm Ltd (ASX: NUF)
The Nufarm share price has fallen 7% to $4.71. This decline appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has downgraded the agricultural chemicals company's shares to an equal weight rating and with a $5.30 price target. It made the move on valuation grounds.
Red 5 Limited (ASX: RED)
The Red 5 share price has sunk 13% to 17 cents. Investors have been selling the gold miner's shares after it downgraded its production guidance. According to the release, the company expects production from the Darlot Gold Mine to be 74,000–78,000 ounces in FY 2021. This is down from the previous estimate of 80,000–85,000 ounces. It also increased its cost guidance to $2,240–$2,290 per ounce, up from its previous guidance of $2,150–$2,280 per ounce.
