The S&P/ASX 200 Index (ASX: XJO) is out of form again on Thursday and edging lower. In afternoon trade, the benchmark index is down slightly to 9,025.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Adairs Ltd (ASX: ADH)
The Adairs share price is down 6% to $2.21. This appears to have been driven by a broker note out of Bell Potter this morning. In response to the homewares retailer's trading update, its analysts have cut their valuation. Bell Potter now has a hold rating and $2.50 price target. It said: "Our PT is down ~4% to $2.50/share (prev. $2.60/share) driven by our earnings downgrades. Our target P/E multiple remains unchanged at 12.5x (on a FY26e and FY27e blended basis). We see several upside catalysts for ADH in the upcoming seasonal period given the higher than industry average contribution at 55% of 1H sales and continuing tailwinds from the housing market/consumer recovery."
Alcoa Corp (ASX: AAI)
The Alcoa Corp share price is down 3.5% to $55.47. This follows the release of the alumina producer's quarterly update. For the first quarter, the company reported a 3% increase in revenue to US$3 billion but an adjusted net loss of US$6 million. The latter is down from a profit of US$135 million a year earlier.
ASX Ltd (ASX: ASX)
The ASX share price is down 1% to $56.91. This morning, this stock exchange operator released an update ahead of its annual general meeting. Management advised that "total expense growth guidance remains between 14% and 19% in FY26 compared to FY25. This includes operating expenses of between $25 million and $35 million related to ASX's response to the ASIC inquiry." Its core business expenses (ex. ASIC costs) are expected to be at the upper end of its guidance range.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is down 3.5% to $16.54. Investors have been selling the retailer's shares following the release of a trading update at its annual general meeting. The Supercheap Auto owner revealed that sales were up 4.5% for the first 16 weeks of FY 2026. In addition, it advised that its gross margin has been stable. Judging by its share price weakness today, it seems that the market was expecting a stronger start to the new financial year.
