Why AGL, Baby Bunting, Weebit Nano, and Westgold shares are dropping today

These ASX shares are falling more than most today.

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A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash

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The S&P/ASX 200 Index (ASX: XJO) is out of form on Wednesday. In afternoon trade, the benchmark index is down a disappointing 0.85% to 7,388 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

AGL Energy Limited (ASX: AGL)

The AGL Energy share price is down 4.5% to $11.74. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the energy company's shares to a neutral rating with an $11.43 price target. It feels that there's more chance of AGL's medium-term earnings falling short of expectations than beating them.

Baby Bunting Group Ltd (ASX: BBN)

The Baby Bunting share price is down almost 3% to $1.97. This is likely to have been driven by profit-taking after a very strong gain on Tuesday. Investors were bidding the baby products retailer's shares higher in response to a better-than-feared full-year update.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down a further 5% to $5.31. Investors have been hitting the sell button this week despite the semiconductor company making two announcements. It could be that short sellers are now loading up on the meme stock. After all, it has a billion-dollar valuation and no revenue.

Westgold Resources Ltd (ASX: WGX)

The Westgold share price is down 10% to $1.54. This morning, this gold miner released its guidance for FY 2024. It revealed that it expects its production and costs to be relatively flat on what was delivered in FY 2023. It also plans to more than double the spending on growth projects during the year.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. 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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