In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. The benchmark index is currently down 0.15% to 7,245.7 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 a further 2.5% to $2.23. Investors have been selling the artificial intelligence data services company's shares this week following the release of another disastrous update. For the first four months of FY 2023, Appen revealed that its revenue was down 21.4% to US$95.7 million and its constant currency underlying EBITDA was negative US$12.4 million.
CSR Limited (ASX: CSR)
The CSR share price is down 3% to $5.17. This appears to have been driven by the release of a couple of bearish broker notes. One of those came from Citi, which has downgraded the building materials company's shares to a neutral rating with a $5.45 price target. Elsewhere, Macquarie has retained its underperform rating with a trimmed price target of $4.50.
Silver Lake Resources Ltd (ASX: SLR)
The Silver Lake share price is down over 4% to $1.08. This morning, the gold miner announced a new competing proposal to acquire the Leonara assets of St Barbara Ltd (ASX: SBM). SIlver Lake has increased its offer to $707 million. Investors appear to believe it could be overpaying for the assets.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 2.5% to $21.16. This has been driven by the banking giant's shares trading ex-dividend this morning for its upcoming interim dividend payment. Eligible investors can now look forward to being paid this 70 cents per share fully franked dividend towards the end of next month on 27 June.
