The S&P/ASX 200 Index (ASX: XJO) is having a poor session on Tuesday. In afternoon trade, the benchmark index is down 0.4% to 8,654.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Appen Ltd (ASX: APX)
The Appen share price is down 5.5% to $1.16. This artificial intelligence (AI) data services company's shares have been under pressure in recent sessions following the release of its quarterly update. Although Appen posted a 9% increase in revenue to $54.8 million, it is still barely profitable at an EBITDA level. In addition, the performance of its Appen Global business may have spooked investors. It reported a 37% decline in revenue to $19.9 million. Appen's shares are now down 27% since this time last week.
Gentrack Group Ltd (ASX: GTK)
The Gentrack share price is down 34% to $3.20. This has been driven by the release of a trading update from the utilities software company. Gentrack advised that FY 2026 revenue is expected to be between NZ$229 million and NZ$238 million. This is lower than its previous guidance and compares to NZ$230.2 million in FY 2025. However, recurring revenues in FY 2026 are expected to grow by more than 10% to around NZ$174 million. And due to management prioritising growth over short term earnings, it expects full year EBITDA to be between NZ$13.5 million and NZ$20 million. This is sharply lower than FY 2025's EBITDA of NZ$27.8 million.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 7.5% to $9.56. This morning, the fund manager announced sweeping changes to its global fund. This includes management fees being cut from 1.35% to 0.89% per annum and performance fees being removed. In addition, management of the Magellan Global Fund and Magellan Global Fund Hedged will change to Vinva Investment Management. The company's CEO, Sophia Rahmani, said: "Today's announcement reflects our commitment to putting clients first and our insight into client needs today and in the future. We have carefully considered this decision and are prioritising client outcomes whilst at the same time positioning Magellan for long-term growth, with an attractive core global equities offering."
Regis Resources Ltd (ASX: RRL)
The Regis Resources share price is down 4.5% to $6.84. This has been driven by news that Regis Resources has agreed to merge with Vault Minerals Ltd (ASX: VAU). The agreement will see Regis Resources acquire Vault Minerals via a scheme of arrangement for 0.6947 Regis shares for each Vault share held. The Vault Minerals board is unanimously recommending the scheme. This is in the absence of a superior proposal and subject to an independent expert's endorsement.
