Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping

Here’s why these ASX shares are in the red…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has bounced back from its intraday lows but is still in the red. At the time of writing, the benchmark index is down 0.15% to 7,517 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price has fallen almost 4.5% to $10.53. This decline appears to have been driven by profit taking after a strong gain in recent sessions. Prior to today, this artificial intelligence data services company’s shares were up almost 10% since the start of September.

BlueScope Steel Limited (ASX: BSL)

The BlueScope share price is down 1.5% to $23.46. The catalyst for this decline has been the steel producer’s shares trading ex-dividend this morning for its 44 cents per share final dividend. Eligible shareholders can now look forward to receiving this dividend in just over a month on 13 October.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has dropped 3% to $18.00. This follows a sizeable decline in the iron ore price overnight. According to Metal Bulletin, the benchmark iron ore price fell 9.3% to US$131.50 a tonne. This was in response to Chinese authorities taking a stricter stance against steelmakers on steel production curbs and the start of sintering restrictions.

Marley Spoon AG (ASX: MMM)

The Marley Spoon share price is down 9% to $1.84. Investors have been selling the meal kit delivery company’s shares after Woolworths Group Ltd (ASX: WOW) revealed that it has sold its stake in the company. According to the release, the retail conglomerate has sold 28,026,000 Chess Depository Interests (CDIs) via an underwritten block trade. This represents a 9.87% stake in the company. Woolworths agreed to sell its interest for $1.91 per CDI, which equates to a discount of 5.9%.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd and Marley Spoon AG. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Marley Spoon AG. 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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