The S&P/ASX 200 Index (ASX: XJO) is out of form on Wednesday and on course to record a decline. In afternoon trade, the benchmark index is down 0.4% to 8,342.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 10% to $2.33. This is despite there being no news out of the artificial intelligence data services company today. Though, it is worth noting that Appen's shares have risen significantly over the past 12 months. So much so, they remain up 170% since this time last year despite today's weakness. This could mean that some investors are taking a bit of profit off the table on Wednesday.
DroneShield Ltd (ASX: DRO)
The DroneShield share price has continued its recent slump and dropped a further 5% to 75.5 cents. This latest decline means the counter drone technology company's shares have now lost almost 30% of their value since this time last month. As well as being disappointed with its quarterly update last month, the market may have concerns that Donald Trump's US election victory could put a dampener on demand for its technology in the near term.
PWR Holdings Ltd (ASX: PWH)
The PWR share price is down over 30% to $6.22. Investors have been hitting the sell button after responding very negatively to the automotive cooling solutions company's trading update. Management advised that it expects its net profit after tax for the first half of FY 2025 to be in the range of $3.2 million to $3.7 million. This is down materially on the $9.8 million it achieved in the prior corresponding period. This decline is largely attributable to its original equipment manufacturer (OEM) customers. PWR revealed that three OEM electric vehicle programs are not proceeding in FY 2025 despite having received purchase orders in FY 2024 for the work program.
Webjet Group (ASX: WJL)
The Webjet share price is down 10% to 83 cents. After the market close on Tuesday, the online travel agent warned that its half year results have been delayed. It advised: "In the process of finalising the Company's 1H25 results, the Company and its auditor, Deloitte, have become aware that, as a result of the significant complexities of the demerger transaction, additional time will be required to address technical accounting considerations. These issues do not impact underlying trading results or operations."
The post Why Appen, DroneShield, PWR, and Webjet shares are sinking today appeared first on The Motley Fool 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 Appen, DroneShield, and PWR Holdings. The Motley Fool Australia has positions in and has recommended PWR Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2024