The S&P/ASX 200 Index (ASX: XJO) is having another solid session on Monday. In afternoon trade, the benchmark index is up 0.6% to 7,465.8 points.
Four ASX shares that have failed to follow the market's lead are listed below. Here's why they are falling:
Appen Ltd (ASX: APX)
The Appen share price is down 39% to 28 cents. Investors have been selling this artificial intelligence (AI) data services provider's shares after tech giant Google terminated its contract with the company. This contract generated almost a third of its revenue in the recently completed FY 2023. Investors appear concerned that this could be the nail in the coffin for the struggling company.
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is down 5% to $1.72. This morning, this baby products retailer released a half year trading update. It expects to report a 2.5% decline in sales to $248.5 million and a 31.3% reduction in pro forma net profit after tax to $3.5 million.
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price is down 26% to 10.7 cents. This follows the release of an update on the costs related to the BMG wells decommissioning programme. Management notes that the mid case cost estimate is increased to $240 million to $280 million (from $193 million to $198 million).
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down 21% to 94.2 cents. Investors have been selling this lithium developer's shares following the release of a disappointing update on the Kathleen Valley Lithium Project. Due to weak lithium prices, the company has commenced a review of the planned expansion and associated ramp-up of Kathleen Valley to preserve capital and reduce the near-term funding requirements of the Project. In addition, a recently announced $760 million debt funding package has been terminated due to lithium price weakness.
