The S&P/ASX 200 Index (ASX: XJO) is having a disappointing session on Wednesday. In afternoon trade, the benchmark index is down 0.45% to 7,199 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 8% to $2.12. This has been driven by the completion of the institutional component of the artificial intelligence data services company's equity raising. Appen is raising a total of $60 million to fund its cost reduction program, provide balance sheet flexibility, and general working capital to support Appen's return to profitability. The funds were raised at a 19.6% discount of $1.85 per new share.
Best & Less Group Holdings Ltd (ASX: BST)
The Best & Less share price is down over 4% to $1.86. This morning, this discount retailer released a trading update which revealed that its profits will be lower than expected in the second half. Based on results to date, management now expects to deliver pro forma net profit after tax of between $10 million and $12 million for half. This is down from its previous guidance of between $18 million and $20 million.
Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price is down 9% to $2.91. Investors have been selling this chemicals company's shares after its half-year results fell short of expectations. Goldman Sachs notes that Incitec Pivot's "1H23 Adj NPAT of A$353m was -8% lower yoy and -22% vs GSe and -23% vs Visible Alpha Consensus Data."
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down a further 3.5% to $5.88. This meme stock has started to catch the eye of short sellers with its sky high market capitalisation and lack of revenue. In addition, the company operates in a market which is dominated by tech giants with R&D budgets many times larger than the value of Weebit Nano.
