Why Block, Iluka, Nitro, and Novonix shares are dropping today

These ASX shares are falling on Wednesday. Here's why…

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The S&P/ASX 200 Index (ASX: XJO) is having a subdued day on Wednesday. In afternoon trade, the benchmark index is down slightly to 6,805.2 points.

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

Block Inc (ASX: SQ2)

The Block share price is down 4% to $98.72. This follows a very poor night of trade on Wall Street for the payments company's NYSE listed shares. They fell 7% during the session amid broad weakness in the tech sector. This saw the tech focused Nasdaq index lose 1.9% of its value on Tuesday night.

Iluka Resources Limited (ASX: ILU)

The Iluka share price is down 3% to $9.41. This has been driven by the mineral sands company completing the demerger of its rutile business into a separate listed entity – Sierra Rutile Holdings Limited (ASX: SRX). The Iluka board believed the demerger was the optimal pathway for the business to achieve its growth objectives, reach its potential, and maximise value for Iluka shareholders. Sie

Nitro Software Ltd (ASX: NTO)

The Nitro share price is down a further 6% to $1.18. Investors have been selling this document productivity software company's shares this week following the release of its quarterly update. Although Nitro delivered strong growth during the first half, it has cut its guidance for the full year. Management has decided to balance its pursuit of annual recurring revenue growth while accelerating its cash flow breakeven goals.

Novonix Ltd (ASX: NVX)

The Novonix share price is down almost 4% to $2.38. This follows the release of the battery technology company's quarterly update this morning. Investors appear a touch underwhelmed with the company's cash receipts of just $2.5 million and operating cash outflow of $7.9 million.

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. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Nitro Software Limited. 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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