Why Altium, Evolution, Oil Search, & SEEK shares are tumbling lower

These ASX shares are out of form on Monday….

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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. In afternoon trade, the benchmark index is down 0.8% to 7,288.7 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 2% to $35.82. This morning the electronic design software company’s shares were down as much as 14% amid reports that it rejected another takeover approach from Autodesk. This reportedly led to the US software giant giving up in its quest to acquire the company. However, Altium has responded to the speculation, stating that it has not received any further offer from Autodesk.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price has crashed 9% to $4.24. Investors have been selling this gold miner’s shares after brokers responded negatively to its recent strategy update. One of those brokers was Macquarie. According to a note, its analysts have downgraded the gold miner’s shares to an underperform rating with a $4.00 price target. Macquarie notes that Evolution’s costs and capital expenditure outlook is much higher than expected.

Oil Search Ltd (ASX: OSH)

The Oil Search share price is down 5% to $3.67. This morning the energy producer revealed that its CEO Dr Keiran Wulff has resigned for health reasons. Oil Search advised that he has been managing a long-term medical condition which has recently deteriorated. In addition to this, the company notes that it had been in discussions with Dr Wulff following the receipt of recent concerns and complaints about his behaviour.

SEEK Limited (ASX: SEK)

The SEEK share price has fallen 3% to $30.67. Investors have been selling the job listings company’s shares following the release of a broker note out of Goldman Sachs. That note reveals that its analysts have downgraded SEEK’s shares to a sell rating with an improved price target of $30.80. The broker made the move on an uncertain ad volume outlook and elevated valuation.

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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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