In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and trading lower. At the time of writing, the benchmark index is down 0.4% to 8,132 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price is down 8.5% to $30.81. Investors have been rushing to the exits today after the pizza chain operator announced the exit of its CEO, Don Meij. He will be stepping down with immediate effect and leaves after 22 years as CEO and almost 40 years of service with the company. However, Meij will stay on during a 12-month transition period to work with the board and its incoming CEO, Mark van Dyck. Commenting on his replacement, Meij said: "Mark has been an advisor to the board for the past 12 months, so it was natural we would consider him in the search process. His extensive experience in global food service, combined with a track record of successful transformations makes him the ideal candidate."
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas Rare Earths share price is down 2% to $7.79. This may have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the rare earths producer's shares to a neutral rating (from outperform) with a $7.50 price target. Macquarie made the move on valuation grounds and after Lynas delivered a quarterly result in line with expectations. Based on its current share price, this implies potential downside of approximately 4%.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is down 3.5% to $9.50. This is despite there being no news out of the uranium producer today. However, its shares have been on a downward trajectory for a number of months. So much so, its shares are now down 40% since this time six months ago. This is music to the ears of short sellers, which have been targeting Paladin Energy and its fellow uranium peers.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 26% to 34 cents. This has been driven by news that the gold miner has completed the institutional component of a capital raising. St Barbara has raised $100 million through a fully underwritten two-tranche placement of approximately 263 million new shares to institutional and sophisticated investors. This was undertaken at a 17.4% discount of 38 cents per new share.
