Why Appen, Cleanaway, Syrah, and Westpac shares are dropping

These ASX shares are dropping on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.85% to 7,060.7 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 is down 6% to $5.57. Investors have been selling Appen’s shares this week following a broker downgrade by Citi and weakness in the tech sector. The former saw Citi downgrade the artificial intelligence data services company’s shares to a neutral rating with a $6.60 price target.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price is down 3% to $2.80. This morning this waste management company revealed that a fire at its medical waste processing facility in Dandenong has caused significant damage. This is expected to disrupt operations at the site “for a period of time.” Management estimates that it will impact EBITDA by $2 million to $3 million per month while out of action.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is down 10% to $1.38. Investors have been selling this graphite producer’s shares amid worrying events near Ancuabe in the Cabo Delgado Province of Mozambique. This is 200 kilometres away from Syrah’s massive Balama Graphite Project. According to the release, the company has received reports of an insurgent attack at a mine project site near Ancuabe. Syrah has suspended transport activities but its mining and processing operations continue for now.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down over 3% to $21.26. This morning analysts at UBS downgraded this banking giant’s shares to a neutral rating and cut the price target on them to $26.00. UBS highlights that banks have traditionally underperformed the market during periods of high inflation and low growth.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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