The S&P/ASX 200 Index (ASX: XJO) is having a tough day on Tuesday. In afternoon trade, the benchmark index is down 0.6% to 7,400.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
ARB Corporation Limited (ASX: ARB)
The ARB share price is down 12% to $46.61. Investors have been selling the 4×4 parts company's shares after it was downgraded by analysts at Credit Suisse. According to the note, Credit Suisse has downgraded its rating to underperform with a price target of $38.00. While the broker is predicting a strong result in February, it expects margin pressure and slower growth thereafter.
Inghams Group Ltd (ASX: ING)
The Inghams share price is down 6% to $3.31. This follows the release of a disappointing trading update this morning. According to the release, the poultry producer revealed that COVID-19 and elevated feed costs are impacting its performance. Management also warned that it is not currently possible to predict how long this disruption will continue.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is down 3% to $49.37. This decline may have been driven by a broker note out of Morgan Stanley. Its analysts have downgraded the company's shares to an equal weight rating and cut the price target on them to $58.00. The broker made the move in response to the surprise exit of its CEO and slowing US housing.
SDI Limited (ASX: SDI)
The SDI share price has tumbled 10% to 92.5 cents following the release of a trading update out of the dental products company. While SDI expects to report a 26% increase in half year revenue to $46.2 million, it warned that its margins have been impacted by supply chain issues. As a result, first half net profit is only expected to be between $2.5 million and $3 million. This is down from $4.6 million a year earlier.
