The S&P/ASX 200 Index (ASX: XJO) has run out of steam on Friday and is on course to end the week in the red. At time of writing, the benchmark index is down 0.5% to 8,433.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is down 1.5% to $7.94. This KFC restaurant operator's shares are falling today after going ex-dividend this morning. Earlier this week, Collins Foods released its half year results and revealed a 1.2% increase in revenue to $703.5 million and a 23.8% decline in underlying net profit after tax to $23.7 million. The latter led to the company's board cutting its fully franked interim dividend by 12% to 11 cents per share. This dividend will be paid to eligible shareholders next month on 6 January.
Domino's Pizza Enterprises Ltd (ASX: DMP)
The Domino's share price is down 4% to $31.93. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the pizza chain operator's shares to an underperform rating from neutral and cut the price target on them to $29.50. Macquarie has concerns about store openings due to pressures on franchisee profits. It fears this could lead to below consensus earnings in the medium term.
Iluka Resources Limited (ASX: ILU)
The Iluka share price is down almost 10% to $4.95. Investors have been selling this mineral sands producer's shares after it provided an update on its rare earths expansion. Although the company has been able to command greater support from the Australian government, it will also have to increase its cash contribution to the proposed Eneabba refinery in Western Australia by $214 million. The market appears concerned that this could mean Iluka needs to raise funds in the near future to shore up its balance sheet.
Zip Co Ltd (ASX: ZIP)
The Zip Co share price is down 6% to $3.19. This could be profit taking from investors after some stellar gains this year. Though, it is worth noting that analysts at UBS don't believe the gains are over. The broker recently put a buy rating and $3.65 price target on the buy now pay later provider's shares. This suggests that they could climb 14% higher than where they trade today over the next 12 months.
