The S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a small decline. In afternoon trade, the benchmark index is down 0.1% to 7,488 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 4% to 63 cents. Investors have been selling this semiconductor company's shares after it reported cash receipts of US$1.1 million for the three months ended 31 December. This compares to its current market capitalisation of $1.15 billion. No wonder Brainchip gets called a meme stock!
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down over 3% to $4.91. This morning, IAG revealed that it had already received more than 5,000 claims in New Zealand following the devastating floods. The full financial impact is still unknown and IAG may need to review its estimate for natural peril costs for FY 2023.
Metcash Limited (ASX: MTS)
The Metcash share price is down 2.5% to $4.10. This follows news that the company's Food CEO, Scott Marshall, has resigned. Marshall had been with Metcash for over 30 years and is leaving to pursue another career opportunity.
ResMed Inc (ASX: RMD)
The ResMed share price is down 7.5% to $31.12. Investors were buying this sleep treatment company's shares on Friday following the release of its quarterly update. However, with the ResMed share price falling heavily on Wall Street that evening, its locally listed shares have had a bit of catching up to do today. It is worth noting, though, that brokers are overwhelmingly positive on the company following the update.
