Why Appen, Block, Life360, and Northern Star shares are dropping

These ASX shares are being sold off today…

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The S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. In afternoon trade, the benchmark index is down 0.9% to 7,253.6 points.

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

Appen Ltd (ASX: APX)

The Appen share price is down 4.5% to $6.43. This follows broad weakness in the tech sector on Wednesday. For example, at the time of writing, the S&P/ASX All Technology Index is down a sizeable 1.8%. Investors have been selling tech shares following a very poor night on the tech-focused Nasdaq index.

Block Inc (ASX: SQ2)

The Block share price has sunk 6% to $139.97. This mirrors a similar decline by the payments company’s NYSE listed shares overnight. As with Appen, investors were selling Block’s shares amid significant weakness in the tech sector. This was driven by investors dumping equities on fears of an economic slowdown.

Life360 Inc (ASX: 360)

The Life360 share price has crashed 27% lower to $3.92. This was despite the location technology company’s quarterly update revealing a 129% increase in revenue to US$52.7 million and a 73% jump in annualised monthly revenue to US$166.1 million. News that the company is scrapping its US dual listing plans could be having a negative impact on its shares. This appears to have sparked fears that a capital raising will be soon required.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down 5% to $9.69. Investors have been selling this gold miner’s shares following the release of a disappointing quarterly update. According to the release, the gold miner has increased its costs guidance for FY 2022 due to issues at the Pogo operation. Northern Star now expects its all-in sustaining costs (AISC) to be between A$1,600 and A$1,640. This is up from its previous guidance of A$1,475 to A$1,575 per ounce.

Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd, Block, Inc., and Life360, Inc. The Motley Fool Australia owns and has recommended Block, Inc. 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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