The S&P/ASX 200 Index (ASX: XJO) looks set to end its winning run. In afternoon trade, the benchmark index is down 0.4% to 7,327.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Accent Group Ltd (ASX: AX1)
The Accent share price is down 4.5% to $1.58. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has downgraded this footwear retailer's shares to a sell rating and slashed its price target on them to $1.60. The broker believes Accent's earnings could be hit by lower sales and margins.
Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price is down a further 3.5% to 37.2 cents. Investors have been selling this semiconductor company's shares this year following its abject sales performance. In addition, Mercedes and Nvidia recently showcased their extensive partnership. This appears to suggest that investors' hopes of Brainchip partnering with the automaker in the future are just a pipedream.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 7.5% to $19.74. This follows the release of an investor strategy update today. Investors appear disappointed that the travel agent has only reaffirmed its guidance for FY 2023.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is down almost 6% to $5.24. This morning, the Australian Competition Tribunal declined to authorise its regional network-sharing arrangement with Telstra Group Ltd (ASX: TLS). The proposed multi-operator core network (MOCN) agreement would have allowed TPG to use around 3,700 additional regional mobile sites. In December, the ACCC blocked the arrangement, saying that there was "a real risk that TPG and Optus will invest less in critical infrastructure."
