In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has slipped into the red. At the time of writing, the benchmark index is down slightly to 8,197 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Guzman Y Gomez Ltd (ASX: GYG)
The Guzman Y Gomez share price is down 4.5% to $37.60. This appears to have been driven by a broker note out of Goldman Sachs this morning. Its analysts have initiated coverage on the quick service restaurant operator's shares with a sell rating and $33.20 price target. It said: "The basis of our Sell thesis is centered on 1) an overly ambitious long-term store expansion profile that has no recent successful precedent in the Australian market; and 2) a stretched valuation that has, inappropriately in our view, been pegged to the highest growth US-peers without taking into consideration the market differences and risks associated with an accelerated store expansion."
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down 6% to $4.92. This has been caused by the coal miner's shares going ex-dividend this morning for its final dividend of FY 2024. Last month, New Hope released its full year results and declared a fully franked final dividend of 22 cents a share. This represents a generous 4.2% dividend yield based on yesterday's close price. Eligible shareholders can now look forward to being paid this dividend later this month on 24 October.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 6% to $3.12. This has been driven by a large block trade that was undertaken at a 4.1% discount this morning. Trading data shows that two trades totalling approximately $270.7 million were made before the market open at $3.175 per share. It remains unclear who was making the sale, but the market may be interpreting this as a sign that a large investor believes the lithium miner's shares have now peaked after rebounding last month.
Syrah Resources Ltd (ASX: SYR)
The Syrah Resources share price is down 9% to 30.5 cents. This is despite there being no news out of the graphite producer's shares today. However, given that its shares remain up almost 40% since this time last month despite today's decline, it is quite likely that profit taking is behind today's action. Though, it is worth noting that Syrah Resources' shares remain down 39% over the past 12 months. This weakness has been driven by falling battery materials prices.
