In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.6% to 7,706.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are under pressure on Tuesday:
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Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down over 4% to $30.51. This may have been driven by a broker note out of Citi. Its analysts note that the company could be falling short of consensus estimates for store openings in FY 2024. So, with its shares up strongly over the last 12 months, it warns that there could be some disappointment with its results next month. Though, with the broker retaining its neutral rating and $31.65 price target, it isn't in a rush to sell shares.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is down 5% to $4.41. This morning, this pharmaceuticals company announced that it has settled its class action. The proceeding relates to alleged misleading or deceptive conduct and breaches of continuous disclosure obligations in respect of alleged anti-competitive conduct in the United States. The agreed settlement amount is $38 million. Approximately $4.7 million will be funded by insurance, with the remainder to be paid from Mayne Pharma's cash reserves.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 3.5% to $2.97. Investors have been selling lithium miners again on Tuesday amid concerns that battery materials prices are going to remain weak for some time to come due to a surplus of supply. Pilbara Minerals' shares hit a multi-year low today and are now down 41% since this time last year. It also remains the most shorted share on the local market despite this decline.
RPMGlobal Holdings Ltd (ASX: RUL)
The RPMGlobal share price is down 14% to $2.39. This has been driven by the release of a trading update from the mining software provider's shares. RPM Global is expecting its total contracted value (TCV) to be $77 million in FY 2024, which represents a 9.2% increase year on year. And while its earnings are expected to grow at an even stronger rate, they won't grow as much as management was forecasting. It said: "The lower than forecasted profitability is due to reduced perpetual license sales and the timing of subscription licenses signed during the second half of FY2024."
