In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.1% to 6,729.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 3.5% to $6.12. This morning analysts at Credit Suisse downgraded the auto parts retailer's shares to a neutral rating and cut the price target on them by 90 cents to $6.60. This followed the release of a trading update at Bapcor's annual general meeting on Wednesday which revealed higher than expected costs.
BrainChip Holdings Ltd (ASX: BRN)
The BrainChip share price is down 6% to 88.5 cents. This is despite there being no news out of the heavily shorted semiconductor company. Though, it is worth noting that the tech sector is a sea of red today, with the S&P/ASX All Technology Index currently down 3.9%.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is down 7% to $1.87. Investors have been selling this gold miner's shares following a drop in the gold price and the release of its quarterly update. The former has seen a number of gold shares tumble today. This has led to the S&P/ASX All Ordinaries Gold index falling 2.7%.
Redbubble Ltd (ASX: RBL)
The Redbubble share price has crashed 26% to 53.5 cents. This follows the release of another poor update from this ecommerce company. To the disbelief of many, the loss-making Redbubble is increasing its costs materially in FY 2023. This includes increasing its salaries and wages by $4.7 million during the first quarter, which took them to $19.3 million and annualises at a massive $77.2 million. That's more than half its market capitalisation. Incredibly, further increases to its wages of at least $9.3 million are expected over the remainder of FY 2023!
