In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped into the red. At the time of writing, the benchmark index is down 0.1% to 6,805.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Appen Ltd (ASX: APX)
The Appen share price is down 14% to $2.86. Investors have been selling this artificial intelligence data services company's shares following the release of another dismal update. Appen revealed that it expects FY 2022 revenue in the range of US$375 million to US$395 million and constant currency EBITDA of US$13 million to US$18 million. The latter will be down 77.2% to 83.5% over the prior corresponding period.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price is down almost 4% to $1.05. This follows the completion of the gold developer's institutional placement. De Grey Mining has received firm commitments for the placement of 130 million shares at $1.00 per share to raise $130 million before costs. This issue price represents an 8.3% discount to its last closing share price.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 8.5% to $10.75. The catalyst for this decline has been the release of yet another terrible funds under management (FUM) update from the struggling fund manager. In September, Magellan experienced net outflows of $3.6 billion. This comprised net retail outflows of $0.4 billion and net institutional outflows of $3.2 billion. This and unfavourable market movements led to Magellan's FUM falling almost 12% month on month to $50.9 billion.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down over 5% to 70.5 cents. Investors have been selling this buy now pay later (BNPL) provider's shares despite there being no news out of it. This appears to have been driven by weakness in the tech sector and a poor night for BNPL rival Affirm on Wall Street.
