The S&P/ASX 200 Index (ASX: XJO) is out of form on Tuesday and tumbling lower. At the time of writing, the benchmark index is down 0.65% to 7,019.2 points.
Four ASX shares that have fallen more than most are listed below. Here's why they are sinking:
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Altium Limited (ASX: ALU)
The Altium share price is down 5% to $28.50. Today's decline appears to have been driven by a broker note out of Citi this morning. Although the broker retained its buy rating and $33.50 price target, it did warn that Altium has been discounting its platform subscriptions. It feels this could be an indication of weak trading conditions. Though, the broker remains positive on the company on the belief that its downgrade cycle is nearing an end.
Challenger Ltd (ASX: CGF)
The Challenger share price has crashed 16% lower to $5.55. Investors have been selling the annuities company's shares following the release of its third quarter update. While Challenger's performance has been solid, investors appear disappointed that it is only guiding to the low end of its guidance range. The company advised that its earnings have been impacted by a sharp decline in credit spreads over the year, which were not fully reflected in customer pricing.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price has sunk 8% lower to $.5.87. This follows the release of the rare earths producer's third quarter update. Total rare earth oxide production for Lynas was 4,463 tonnes for the quarter. This was up from 3,410 tonnes during the second quarter. In addition to this, the company reported strong pricing for its rare earths. Despite this, investors appear to have been expecting an even stronger update.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
The Sydney Airport share price is down 2% to $6.01. This morning the airport operator released its latest monthly update. According to the release, total passenger traffic in March 2021 was 1,153,000 passengers. This is down 42.6% on the prior corresponding period in 2020 and 68.4% on the corresponding period in 2019. In other news, this morning Credit Suisse retained its underperform rating but lifted its price target to $5.30.
