In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.15% to 7,546.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down 3% to 64.5 cents. This follows weakness in the tech sector and news that short sellers are increasing their interest in this semiconductor company. The meme stock is now in the top ten with short interest of 6.7%. Its abject sales performance and crazy valuation appear to be the reason for this short interest.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down over 4% to $1.08. Once again, Goldman Sachs has reaffirmed its sell rating and 95 cents price target on this lithium developer's shares. In other news, this morning the company announced the appointment of its new CFO, Doug Warden. He has previously held the same role with a couple of other ASX miners.
Insurance Australia Group Ltd (ASX: IAG)
The IAG share price is down over 2% to $4.63. This morning, the team at Morgans downgraded this insurance giant's shares to a hold rating with a $5.04 price target. The broker made the move after cutting its earnings forecast materially for FY 2023 due to IAG's half year update, which fell well short of expectations.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 15% to $10.53. This follows the release of the furniture retailer's half year results this morning. Although Nick Scali reported a 70% increase in net profit after tax to $60.6 million, management was unable to provide any guidance for the full year. This may have spooked some investors.
