In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped into the red. The benchmark index is currently down 0.5% to 7,221.4 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 has fallen a further 2.5% to 41 cents. Investors have been hitting the sell button this week after the release of the struggling semiconductor company's annual general meeting update. At the event, management said: "The trick for many companies comes when the move from technology to product takes place. In the past, BrainChip frankly hasn't gotten this right. We haven't had a product that can see its way into end production systems." Shareholders responded by voting against its remuneration report.
OFX Group Ltd (ASX: OFX)
The OFX share price is down 6.5% to $1.73. This may have been driven by profit taking from some investors after the international money services company's shares rocketed higher on Tuesday following the release of its full-year results.
Skycity Entertainment Group Ltd (ASX: SKC)
The Skycity share price is down 2.5% to $2.15. This morning, this casino and resorts operator released a trading update. Management revealed that it expects normalised EBITDA of NZ$300 million to NZ$310 million in FY 2023 excluding carpark earnings. This is down from its previous guidance range of NZ$305 million to NZ$320 million.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price has crashed 24% to $3.14. This has been driven by the release of a trading update from the youth fashion retailer. Although Universal Store expects to deliver strong growth in FY 2023, it has warned that trading has become subdued. This is big news because younger consumers were predicted to keep spending thanks to lower exposure to rising rates and a higher minimum wage. However, that doesn't appear to be the case, which has spooked the market.
