The S&P/ASX 200 Index (ASX: XJO) has dropped into the red on Wednesday. In late trade, the benchmark index is down 0.35% to 6,973.4 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are dropping:
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Appen Ltd (ASX: APX)
The Appen share price has dropped a further 1.5% to $4.08. This artificial intelligence data services company's shares have been sold off this week following a very disappointing trading update. Appen is expecting to report a 69% decline in half-year underlying EBITDA to $8.5 million due to softer digital advertising demand and a resultant slowdown in spending by some of its large customers. This morning Macquarie downgraded Appen's shares to an underperform rating with a lowly $3.50 price target.
ASX Ltd (ASX: ASX)
The ASX share price is down 3.5% to $87.30. Investors have been selling this stock exchange operator's shares after the release of a disappointing update on its CHESS replacement project. ASX is now expecting the system to go live in late 2024.
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is down 2% to $22.58. This could have been driven by a broker note out of Morgans this morning. While the broker has retained its add rating, it has slashed its price target by over 20% to $26.80. Morgans was disappointed with Credit Corp's guidance for FY 2023 but sees enough value in its shares to retain its add rating.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is down 2.5% to $19.04. This gold miner's shares have come under pressure after the price of the precious metal dropped overnight. But it isn't just Newcrest that is falling. The S&P/ASX All Ords Gold index is down 0.75% in afternoon trade on Wednesday.
