The S&P/ASX 200 Index (ASX: XJO) is having a poor start to the week. In afternoon trade, the benchmark index is down 0.35% to 7,298.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is down over 9% to 19.5 cents. This morning, this lithium developer confirmed that recent updates were not production targets but rather "maximum plant capacity" plans. This appears to have left investors questioning just what level of production to expect from the Kachi project if it is developed.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price is down a further 7% to 43.7 cents. Investors have been selling this biotech company's shares over the last couple of sessions after the US FDA failed to approve its stem cell therapy. This morning, Bell Potter downgraded the company's shares to a high-risk hold (from buy) with a price target of 60 cents (from $2).
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down over 2% to $5.42. This morning, Morgans downgraded this coal miner's shares to a hold rating with a trimmed price target of $5.30. It made the move after lowering its estimates to reflect weaker coal prices and higher costs.
ResMed Inc. (ASX: RMD)
The ResMed share price is down 4.5% to $29.31. This appears to be due to this sleep treatment company's NYSE-listed shares falling heavily on Wall Street on Friday. As the company's ASX-listed shares are inextricably linked to its US shares, they tend to move in sync with each other. The weakness on Wall Street was caused by ResMed's earnings miss on Friday due to surprisingly weak margins.
