In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1% to 7,421.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 4% to 20.2 cents. This follows further weakness in the lithium industry on Tuesday. In addition, as covered here, on Monday Goldman Sachs reiterated its sell rating on the lithium miner's shares and cut its price target in half to just 15 cents. This suggests over 25% downside from current levels.
Hub24 Ltd (ASX: HUB)
The Hub24 share price is down 3.5% to $35.47. This is despite the release of another strong quarterly update from the investment platform provider this morning. Hub24 reported record Platform net inflows of $4.5 billion for the quarter, which is up 60.4% on the prior corresponding period. This includes $1.8 billion from a large client transition.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down 6% to $22.52. This appears to have been driven by a broker note out of UBS this morning. Its analysts have downgraded the fashion jewellery retailer's shares to a neutral rating with an improved price target of $24.00. It made the move largely on valuation grounds following a period of outperformance.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is down almost 1.5% to $126.70. This follows the release of the mining giant's fourth quarter update this morning. Investors appear a touch disappointed that its iron ore shipments were a little lower than expectations during the three months.
