Why Brainchip, Evolution, Fonterra, and Star shares are sinking today

It has been a bad day for shareholders of these ASX shares.

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The S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. In afternoon trade, the benchmark index is down 0.4% to 7,011.8 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down over 10% to 17 cents. Investors have been selling off this struggling semiconductor's shares since Intel announced incredible new solutions in the same field as Brainchip. This adds to intense competition from a number of huge tech behemoths that spend billions on R&D each year. And with a lofty market capitalisation of $300 million, no revenue, significant ongoing cash burn, and a need for a capital raising in the near future, there could still be plenty more downside to come.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is down 3% to $3.34. This follows a pullback in the gold price overnight driven by rising bond yields and a stronger US dollar. It isn't just Evolution that is falling today. A number of gold shares are dropping with it. This has seen the S&P/ASX All Ordinaries Gold index fall 2%.

Fonterra Shareholders' Fund (ASX: FSF)

The Fonterra share price is down 10% to $2.98. This has been driven by the dairy company's shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving this 31.3 cents per share dividend next month on 13 October.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price is down over 16% to 62.7 cents. This morning, this casino and resorts operator announced the completion of the institutional component of its capital raising. Star raised a total of $565 million from investors at 60 cents per new share. This represents a sizeable 20% discount to its last close price. The company will now seek to raise $185 million via a retail entitlement offer.

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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 recommended Intel. 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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