These ASX shares are out of form on Wednesday…
The post Why Appen, Cooper Energy, PolyNovo, and Sigma shares are falling appeared first on The Motley Fool Australia. –
In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.5% to 7,426 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:
Appen Ltd (ASX: APX)
The Appen share price is missing out on the tech sector recovery and is down 1% to $9.43. The artificial intelligence data services company’s shares have come under pressure recently due to concerns over increasing competition and potential structural changes in the industry.
Cooper Energy Ltd (ASX: COE)
The Cooper Energy share price is down 5% to 26.7 cents. This follows the release of an operational update this morning. That update revealed revisions to its FY 2022 guidance. This includes a reduction in Cooper’s operating earnings guidance to $53 million to $63 million from $60 million to $70 million.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price has continued its slide and is down a further 2.5% to $1.44. This medical device company’s shares have been sold off this year amid weaker than expected sales growth and the resignation of its CEO. PolyNovo is also a favourite of short sellers at present, with 7.5% of its shares held short at present.
Sigma Healthcare Ltd (ASX: SIG)
The Sigma share price is down a further 4.5% to 44 cents. Investors have been selling this pharmacy chain operator’s shares this week following the release of a trading update. Sigma expects its earnings before interest, taxes, depreciation, and amortisation (EBITDA) to drop by 10% in FY 2022. This compares to previous guidance for 5% growth in FY 2022 and was driven largely by operational issues resulting from the roll-out of its Enterprise Resource Planning.
The post Why Appen, Cooper Energy, PolyNovo, and Sigma shares are falling appeared first on The Motley Fool Australia.
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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. owns shares of and has recommended Appen Ltd and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Appen Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.