The S&P/ASX 200 Index (ASX: XJO) is well and truly out of form on Thursday. In afternoon trade, the benchmark index is down 1.1% to 7,172.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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ARB Corporation Ltd (ASX: ARB)
The ARB share price is down 5% to $28.60. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, its analysts have downgraded the 4×4 parts manufacturer's shares to an underperform rating and cut the price target on them to $25.70. The broker feels that the company's opportunity in the United States may not be as large as the market expects.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down almost 8% to $8.98. Investors have been selling this fund manager's shares following the release of a disappointing funds under management (FUM) update. Last month, a sudden pause in institutional FUM outflows got investors excited and appeared to indicate that the worst was now over. Unfortunately, the outflows resumed in June, with the company reporting $1.7 billion of institutional FUM outflows.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down 4% to $4.64. Yesterday, analysts at Bell Potter retained their sell rating on this infection prevention company's shares with an improved price target of $4.15. It said: "Despite the compelling patient safety focussed sales pitch and top-line growth, the valuation continues to represent a challenge."
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 45% to 30.5 cents. This has been caused by the gold miner's shares trading ex-distribution this morning. This relates to the in-specie distribution of all 205 million Genesis Minerals Ltd (ASX: GMD) shares that the company received as part consideration for the sale of its Leonora assets. The company will distribute these shares to eligible shareholders on 11 July.
