Why Baby Bunting, Boral, Platinum, and Xero shares are dropping today

These ASX shares are having a difficult time on Thursday.

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The S&P/ASX 200 Index (ASX: XJO) is having another subdued session on Thursday. In afternoon trade, the benchmark index is down 0.3% to 7,097.8 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 is in free fall and down a further 10% to $1.23. Investors have been selling this baby products retailer's shares this week following a very disappointing trading update. Baby Bunting advised that it has experienced "unprecedentedly low" sales since starting its end of financial year promotional event. Its shares are now down 32% this week.

Boral Limited (ASX: BLD)

The Boral share price is down 5% to $3.96. Investors have been selling this building materials company's shares following the release of a trading update. While management now expects its second-half earnings to be ahead of its first-half earnings, instead of being in line, this was largely factored in. Consensus estimates were for half on half growth of 11%. Some investors may feel this vague guidance falls short of this.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down over 6% to $1.65. Investors have been hitting the sell button after Platinum revealed that its funds under management (FUM) fell during May. Platinum experienced net outflows of approximately $324 million during the month. Combined with unfavourable market movements, this left Platinum with FUM of $17,966 million, down from $18,440 million.

Xero Limited (ASX: XRO)

The Xero share price is down 5.5% to $105.97. This follows broad weakness in the tech sector today following a poor night on Wall Street's NASDAQ index. It isn't just Xero falling, the whole tech sector is a sea of red. This has seen the S&P/ASX All Technology index drop 2.2% this afternoon.

Motley Fool contributor James Mickleboro has positions in Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Baby Bunting Group and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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