It has been a very disappointing day for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index is down 1.4% to 7,061.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is down 16% to 41.2 cents. This morning, this copper producer withdrew its earnings guidance for FY 2023 due to operational factors at its Mt Colin and Jaguar operations. Aeris had already downgraded its EBITDA guidance from $80 million to $110 million in February, down from its previous guidance of $140 million to $170 million.
Appen Ltd (ASX: APX)
The Appen share price is down 3% to $2.28. This artificial intelligence data services company's shares have now lost almost 40% of their value since this time last month. Investors appear to be waiting to see if the struggling tech company's turnaround succeeds after initialling bidding its shares materially higher following increased interest in artificial intelligence stocks.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down a further 4% to $8.56. Investors have been hitting the sell button this week after the fund manager released a disappointing funds under management (FUM) update. Last month, a sudden pause in institutional FUM outflows got investors excited and suggested that the worst was behind it. However, the outflows resumed in June, with the company reporting $1.7 billion of institutional FUM outflows.
Pinnacle Investment Management Group Ltd (ASX: PNI)
The Pinnacle share price is down 5% to $9.24. This investment company's shares have come under pressure following the release of a market update after the market close on Thursday. Pinnacle revealed that it achieved performance fees from affiliates after tax of $14.6 million for FY 2023. This compares to $16.6 million a year earlier.
