In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a disappointing decline. At the time of writing, the benchmark index is down by 1.6% to 8,579.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price is down 8.5% to $20.81. This is despite a number of brokers putting buy ratings on the auto retailer's shares today. One of those was Morgans, which has retained its buy rating with a reduced price target of $27.25 (from $30.00). It said: "Despite some near-term earnings uncertainty, we continue to view a meaningful structural opportunity across consolidation (AUS/CAD), strategic alliances (Mitsubishi Corporation), used vehicles (EA123) and ongoing NEV leadership. We see recent share price pressure (~18x FY27F PE) as an attractive entry point given the earnings trajectory ahead (CY27F EPS growth ~19%)."
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down a further 2.5% to $2.85. Investors have been selling this drinks giant's shares this week following a strategy update. To support the strategy, the BWS and Dan Murphy's owner has announced a reduction in its dividend payout ratio. In response, this morning, Macquarie retained its underperform rating on Endeavour's shares with a heavily reduced price target of $2.80.
IPH Ltd (ASX: IPH)
The IPH share price is down 1% to $3.82. This morning, the intellectual property services company announced the appointment of Anthony (Tony) O'Malley as its new managing director and CEO with effect from 1 July 2026. IPH's chair, Peter Warne, said: "Following a comprehensive global search, the Board is pleased to appoint Tony as our new CEO. His calibre and broad professional services experience position him well to lead the next phase of the Company's growth strategy."
Newmont Corporation (ASX: NEM)
The Newmont share price is down 6.5% to $146.86. Investors have been selling Newmont's shares following a pullback in the gold price overnight. The precious metal hit a two-month low after investors increased their US interest rate hike bets. Newmont isn't the only gold miner falling today. The S&P/ASX All Ordinaries Gold index is down a sizeable 7.2% at the time of writing.
The post Why Eagers Automative, Endeavour, IPH, and Newmont shares are sinking today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Endeavour Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Eagers Automotive Ltd and IPH Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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