The S&P/ASX 200 Index (ASX: XJO) is having a difficult day and is on course to end the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.9% to 6,785.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 20% to 68 cents following the release of a dismal third quarter update. The struggling semiconductor company, which was valued at $1.5 billion prior to today, reported cash receipts of just $118,000 for the three months. Based on this quarterly performance, investors appear concerned that this meme stock could have developed a product that nobody wants.
Calix Ltd (ASX: CXL)
The Calix share price is down 18% to $4.50. This morning this environment technology company revealed that the Australian government has withdrawn previously announced grant funding. A total of $41 million earmarked for projects has been cancelled by the government.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price is down 8% to $14.75. Investors have been selling this mining giant's shares following a sharp pullback in the iron ore price overnight. In addition, this morning the team at Bell Potter downgraded the company's shares to a sell rating and cut its price target by ~19% to $14.09. The broker said: "We downgrade our recommendation to Sell, largely on the impact of the increased FFI investment commitment."
ResMed Inc (ASX: RMD)
The ResMed share price is down almost 6% to $33.73. This follows the release of the medical device company's first quarter update. ResMed delivered a 5% (9% constant currency) increase in revenue to US$950.3 million but flat net income of US$222.1 million (on a non-GAAP basis). While it achieved Goldman Sachs' estimates on the top line, it missed on the bottom line.
