In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped slightly into the red. At the time of writing, the benchmark index is down a fraction to 6,667.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price has crashed over 21% to $3.07. This follows the release of a trading update at the baby products retailer's annual general meeting. Although Baby Bunting delivered double-digit sales growth financial year to date, its earnings have fallen due to significant gross margin weakness. This has been partly driven by intense price competition and rising inflation.
Calidus Resources Ltd (ASX: CAI)
The Calidus Resources share price is down a further 23% to 36.5 cents. Investors have been selling this gold miner's shares this week following a disappointing update. That update revealed softer than expected gold production during the latest quarter.
Pointsbet Holdings Ltd (ASX: PBH)
The Pointsbet share price is down 8% to $1.94. This is despite there being no news out of the sports betting company on Tuesday. However, it is worth noting that a number of tech shares are falling today after a poor night of trade on the NASDAQ index. This has seen the S&P/ASX All Technology Index drop 0.8% this afternoon.
South32 Ltd (ASX: S32)
The South32 share price is down 2% to $3.70. Investors have been selling this mining giant's shares following the release of a broker note out of Goldman Sachs. According to the note, the broker has downgraded South32's shares to a neutral rating and cut the price target on them by 21% to $3.70. This follows a sharp reduction in its earnings estimates to reflect lower commodity price forecasts.
