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Why Appen, Aussie Broadband, IGO, and Kogan shares are sinking today

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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 1.3% to 7,335.8 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

The Appen share price is down 4% to $6.39. Investors have been selling Appen and other tech shares on Monday following a major selloff on the tech-focused Nasdaq index on Friday night. Not even a positive broker note out of Citi could stop Appen’s shares from sinking today. Its analysts have retained their buy rating and $9.15 price target on the company’s shares.

Aussie Broadband Ltd (ASX: ABB)

The Aussie Broadband share price has crashed 24% to $4.20. This follows the release of a trading update which included a number of negatives. The main ones are downgrades to the top end of its earnings and broadband connections guidance for FY 2022. In respect to the former, Aussie Broadband was previously guiding to EBITDA of $27 million to $30 million. Whereas it now expects EBITDA to be $27 million to $28 million.

The IGO share price is down almost 6% to $12.42. Investors have been selling this battery materials miner’s shares in response to the release of its quarterly update after the market close on Friday. That update revealed that the commissioning of Train 1 at Kwinana is progressing. However, it has not yet successfully produced battery grade lithium hydroxide. Management advised that the debugging process and understanding of what it needs to do to deliver quality product and consistent operations is being progressed.

The Kogan share price is down a further 3% to $3.79. This ecommerce company’s shares have been hammered over the last two trading sessions following an abject quarterly update. The team at Credit Suisse responded to its update this morning by downgrading Kogan’s shares to an underperform rating and slashing its price target by almost a third to $3.75.

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