The S&P/ASX 200 Index (ASX: XJO) is out of form and tumbling lower on Thursday. In afternoon trade, the benchmark index is down 0.5% to 7,384.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Liontown Resources Limited (ASX: LTR)
The Liontown Resources share price is down almost 10% to $1.68. This follows the release of the lithium developer's definitive feasibility study (DFS) for the Kathleen Valley Project. The release notes that the project has a post-tax net present value (NPV) of $4.2 billion, a payback of 2.3 years, and post-tax Life of Mine (LOM) free cash flow of $12.2 billion. Investors may be concerned with the lofty long term lithium price the company is using as part of its valuation model.
Nearmap Ltd (ASX: NEA)
The Nearmap share price is down almost 11% to $1.92 following the release of its guidance for FY 2022. The aerial imagery and location data company advised that it expects annual contract value (ACV) of between $150 million and $160 million on a constant currency basis in FY 2022. This is up from $128.2 million in FY 2021 and represents growth of 17% to 24.8%.
Ramsay Health Care Limited (ASX: RHC)
The Ramsay share price is down 4% to $69.32. This morning the private hospital operator released a trading update. That update revealed a 1.3% increase in unaudited first quarter revenue to $3.2 billion. However, on the bottom line, Ramsay reported an unaudited quarterly profit after tax of $58.1 million. This is down 39.5% on the prior corresponding period.
Xero Limited (ASX: XRO)
The Xero share price is down 7% to $137.27. This follows the release of the cloud accounting company's half year results. For the six months ended 30 September, Xero reported a 23% increase in operating revenue to NZ$505.7 million but a 19% decline in EBITDA to NZ$98.1 million. This appears to be tracking at a rate that could make it hard for Xero to achieve the market's full year expectations. For example, Goldman Sachs was expecting Xero to deliver revenue growth of 33% in FY 2022.
