Why Appen, Brainchip, Fortescue, and Sayona Mining shares are sinking today

These ASX shares are being punished by the market on Monday.

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The S&P/ASX 200 Index (ASX: XJO) is having a strong start to the week. In afternoon trade, the benchmark index is up 0.6% to 7,156 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Appen Ltd (ASX: APX)

The Appen share price is down 30% to $1.56. Investors have been hitting the sell button today after the artificial intelligence data services company released another disappointing result. For the six months ended 30 June, Appen reported a 24% decline in revenue to US$138.9 million and an underlying net loss after tax of US$24.2 million. It also now expects its second-half revenue to be softer than previous guidance.

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down almost 11% to 29 cents. This semiconductor company has released its half-year results and posted revenue of just US$115,606. And with Brainchip burning US$16.85 million on expenses during the six months, its losses doubled to US$17.15 million for the period. Management described its results as "clearly not acceptable." The market certainly agrees.

Fortescue Metals Group Ltd (ASX: FMG)

The Fortescue share price is down 4.5% to $20. This follows the release of a full-year result that fell short of the market's expectations. In addition, the sudden exit of its CEO this morning appears to have spooked investors.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down a massive 27% to 9.1 cents. This morning, this lithium miner announced the immediate exit of Brett Lynch as managing director and CEO. Sayona Mining advised that Lynch has resigned for personal reasons and "will facilitate a mutually agreed handover period." Its shares are now down by two-thirds over the last 12 months.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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