Why Altium, Appen, National Storage, & Woolworths are tumbling lower

Here's why these shares are out of form on Wednesday…

| More on:
white arrow dropping down representing the 10 most shorted shares on the ASX

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 7,284.6 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:

Altium Limited (ASX: ALU)

The Altium share price is down 7.5% to $34.27. Investors appear to be taking profit after an incredible gain earlier this week. Even after today's decline, the electronic design software company's shares are up 26% since the start of the week. This has been driven by a rejected takeover approach from US software giant Autodesk.

Appen Ltd (ASX: APX)

The Appen share price has fallen 3.5% to $12.86. This also appears to have been driven by profit taking. Prior to today, this artificial intelligence data services company's shares were up 15% since this time last month. Improving investor sentiment in the tech sector and optimism over its new operating model have helped drive its shares higher.

National Storage REIT (ASX: NSR)

The National Storage share price is down 2% to $2.04. This follows news that National Storage has raised gross proceeds of approximately $260 million via an accelerated non-renounceable entitlement offer. The storage giant raised the funds at a 4% discount of $2.00 per new share. It is now aiming to raise a further $65 million from retail investors. These funds will be used to support its growth strategy.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is down 2% to $42.63. Today's decline appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has downgraded the retail giant's shares to an underperform rating with a $37.98 price target. This follows its review of the company's Endeavour demerger plans.

James Mickleboro does not own any shares mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium and Appen Ltd. The Motley Fool Australia owns shares of and has recommended Altium, Appen Ltd, and Woolworths Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

These ASX shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

These ASX shares are having a tough time on hump day. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »