The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Thursday. In afternoon trade, the benchmark index is down a disappointing 1.3% to 6,986.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
AMP Ltd (ASX: AMP)
The AMP share price is down 5% to $1.08. This appears to have been driven by a couple of bearish broker notes. One of those was from Barrenjoey, which downgraded the financial services company's shares to an underweight rating with a $1.09 price target.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down 7% to $13.76. This morning, this investment platform provider released a first-quarter update. Investors appear concerned by a sudden jump in fund outflows from high net worth individuals. Management believes it is a short-term headwind and not structural. It is now taking action to prevent further outflows.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 5% to $3.88. Investors have been selling Pilbara Minerals and other ASX lithium shares today following a poor night of trade for their peers on Wall Street. That was driven by the release of a bearish broker note out of Bank of America. It has warned that the lithium market will be oversupplied in 2024 and 2025.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is down 12% to $9.02. This follows the release of the radiopharmaceutical company's quarterly update. During the third quarter, Telix achieved a 10.7% quarter on quarter increase in revenue to $133.6 million. This was driven by strong demand for its Illuccix product. It seems that some investors were expecting stronger growth.