In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down slightly to 7,300.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Appen Ltd (ASX: APX)
The Appen share price is down 2.5% to $2.28. This morning, Citi reaffirmed its sell rating and $2.40 price target on this artificial intelligence data services company's shares. The broker believes that recent industry data suggests that there's potential for Appen to fall short of expectations in the second half.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 10% to $5.62. Investors have been hitting the sell button after the Victorian Government revealed plans to make key changes to pokie machine laws in order to reduce gambling harm. This includes capping load up limits at $100 instead of $1,000, as well as closing gaming machine areas in venues from 4am to 10am (except in casinos).
IGO Ltd (ASX: IGO)
The IGO share price is down 5% to $15.29. This morning, this battery materials miner announced that it plans to impair the assets acquired from Western Areas by upwards of $1 billion. This compares to the purchase price of ~$1.2 billion. IGO advised that this reflects higher capital and operating costs, challenges to the mine production schedule, and delays in development at the Cosmos operation.
Vulcan Steel Ltd (ASX: VSL)
The Vulcan Steel share price is up 6.5% to $8.01. Investors have been selling this steel producer's shares after it downgraded its guidance. Vulcan Steel now expects net profit after tax of NZ$86 million to NZ$89 million. This is down from its previous guidance range of NZ$95 million to NZ$109 million. Management also warned: "Market conditions remain uncertain in the near term, with potential for further weakness, especially in New Zealand ahead of the upcoming general election."
