In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is under pressure and tumbling lower. At the time of writing, the benchmark index is down 0.5% to 7,274.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Lendlease Group (ASX: LLC)
The Lendlease share price is down 3% to $11.11 following the release of a market update. This morning the international property and infrastructure company downgraded its guidance due to a resurgence in COVID-19 in key markets which has negatively impacted its performance. Lendlease is now expecting a core operating profit of between $375 million and $410 million after tax for FY 2021.
Marley Spoon AG (ASX: MMM)
The Marley Spoon share price has fallen almost 5% to $3.01. This decline could be due to profit taking after the meal kit delivery company's shares rocketed higher recently. In other news, this morning the company signed and closed a committed senior secured credit facility of four years with Runway Growth Credit Fund. The release notes that the facility will give Marley Spoon access to up to US$65 million to support it with its growth strategy.
Reece Ltd (ASX: REH)
The Reece share price is down over 3% to $22.81. The catalyst for this appears to have been a broker note out of Macquarie. According to the note, the broker has downgraded this plumbing parts company's shares to an underperform rating with a $19.40 price target. The broker made the move on valuation grounds following a very strong gain since the start of the year.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price has fallen 2% to $37.44. This also appears to have been driven by a broker note. According to a note out of Credit Suisse, its analysts have downgraded the supermarket operator's shares to an underperform rating with a $32.92 price target. Once again, this was due to valuation concerns. Credit Suisse notes that Woolworths' shares trade at a significant premium to rival Coles Group Ltd (ASX: COL).
