Why Magnis Energy, NAB, REA, and Wildcat shares are dropping today

These ASX shares are having a tough finish to the week. But why?

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.5% to 6,979.3 points.

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

Magnis Energy Technologies Ltd (ASX: MNS)

The Magnis Energy share price is down 42% to 4.7 cents. This follows news that its 73% owned iM3NY business has allegedly defaulted on its US$100 million senior secured term loan credit agreement with Imperium New York.

National Australia Bank Ltd (ASX: NAB)

The NAB share price is down 2% to $28.39. This morning, in response to the bank's full-year results, the team at Morgan Stanley retained its underweight rating with a trimmed price target of $26.50. Elsewhere, Macquarie held firm with its neutral rating with a slightly reduced price target of $28.00.

REA Group Ltd (ASX: REA)

The REA share price is down 2.5% to $155.53. This follows the release of the property listings company's first quarter update. Although the realestate.com.au operator delivered double-digit revenue and EBITDA growth, the latter was still short of expectations.

Wildcat Resources Ltd (ASX: WC8)

The Wildcat share price is down over 5% to 81 cents. Investors have been hitting the sell button after the lithium explorer announced the completion of a $100 million institutional placement. The company is raising the funds at an 11% discount of 76 cents per new share. Wildcat will use the placement proceeds for a number of activities. This includes exploration, drilling, resource evaluation, and business development at the exciting Tabba Tabba Lithium Project in Western Australia.

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 Macquarie Group and REA Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended REA Group. 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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