The S&P/ASX 200 Index (ASX: XJO) is having another disappointing session. In afternoon trade, the benchmark index is down 0.65% to 7,150.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Brainchip Holdings Ltd (ASX: BRN)
The Brainchip share price has crashed a further 14% to 21.5 cents. This may be down to news that a new Intel (NASDAQ: INTC) chip will be able to run generative artificial intelligence on a laptop without having to tap into cloud data for computing power. The tech giant plans to release the chip in December. Some investors appear to believe this is the final nail in the Brainchip coffin.
KMD Brands Ltd (ASX: KMD)
The KMD Brands share price is down 6.5% to 72 cents. This follows the release of the retailer's FY 2023 results this morning. Although the Rip Curl and Kathmandu owner delivered a strong set of numbers, it revealed that trading conditions deteriorated in the fourth quarter. Unfortunately, this has then continued into the first quarter of FY 2024.
Melbana Energy Ltd (ASX: MAY)
The Melbana Energy share price has fallen 6.5% to 7.3 cents. This morning, the energy explorer announced that it would be spudding the Alameda-3 Appraisal Well. It also announced that it is working on plans to take advantage of the opportunity to obtain early production from the Amistad Formation Unit 1B reservoir. But investors clearly aren't impressed.
New Hope Corporation Ltd (ASX: NHC)
The New Hope share price is down 1.5% to $6.21. This may have been driven by a broker note out of Citi this morning. In response to the coal miner's FY 2023 results, the broker has downgraded its shares to a sell rating with a $5.50 price target.
