The S&P/ASX 200 Index (ASX: XJO) has dropped into the red on Tuesday. In afternoon trade, the benchmark index is down 0.25% to 7,333.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down a further 5% to $6.14. This morning, the team at Credit Suisse responded to this infant formula company's half-year results by downgrading its shares to an underperform rating with a $5.10 price target. Its analysts have concerns that overall infant formula demand could fall materially in China in 2023.
Altium Limited (ASX: ALU)
The Altium share price is down 6% to $37.60. This follows the release of the electronic design software company's half-year results after the market close on Monday. Although Altium's earnings came in ahead of expectations, investors appear to be focusing more on its revenue, which was softer than consensus estimates.
CogState Limited (ASX: CGS)
The Cogstate share price was down 14% to $1.63 before being hurried into a trading halt. Management advised that the trading halt has been requested so the digital brain health assessments company can respond to a price query request from the ASX. Its shares are now down almost 30% in a week without any news.
Ingenia Communities Group (ASX: INA)
The Ingenia share price is down 13% to $4.03. This morning, this retirement and holiday communities developer released its half-year results and reported a 24% increase in earnings before interest and tax (EBIT) to $42 million. However, it expects a tough second half and has downgraded its EBIT growth guidance to between flat and 10%. This compares to its previous guidance of 30% growth.
