The S&P/ASX 200 Index (ASX: XJO) recovery has run out of steam on Friday. In afternoon trade, the benchmark index is down 1.45% to 7,596.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down almost 4% to $12.69. This may have been driven by a broker note out of Morgan Stanley this morning. Although the broker remains positive on the travel agent giant, it has cut its valuation materially. According to the note, the broker has retained its overweight rating with a lowered price target of $16.60. This is down 23% on its previous price target of $21.50. The broker sees risks around near-term corporate travel demand. Unfortunately, this is ahead of what is usually a seasonally strong period in May and June. Nevertheless, it feels that longer term trends remain attractive.
Monash IVF Group Ltd (ASX: MVF)
The Monash IVF share price is down 31% to 74 cents. This morning, this fertility company confirmed that an incident occurred at its Brisbane clinic, where the embryo of one patient was incorrectly transferred to another patient resulting in the birth of a child. Since becoming aware of the incident in February, the company advised that it undertook an initial investigation into the incident and has found that it was the result of human error. To support this work, and to identify any further safeguards that may be recommended, Monash IVF has commissioned Fiona McLeod AO SC to conduct an independent investigation into the incident. Management stated that it is committed to implementing all recommendations from this independent investigation.
Nextdc Ltd (ASX: NXT)
The Nextdc share price is down almost 4% to $10.61. This may have been driven by a combination of weakness in the tech sector and a broker note out of Goldman Sachs. Although the broker remains positive on the data centre operator, it has reduced its valuation to reflect increased supply. Goldman now has a buy rating and $14.70 price target on NextDC's shares. This is down from $17.10 previously.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is down 3.5% to $19.38. Investors have been selling the energy giant's shares after oil prices tumbled overnight. Concerns over the trade war between the United States and China put pressure on prices during the session.
