The S&P/ASX 200 Index (ASX: XJO) is having a strong day. In afternoon trade, the benchmark index is up 1.2% to 7,092.3 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:
Amcor (ASX: AMC)
The Amcor share price is down 3.5% to $16.39. Investors have been selling the packaging company’s shares following the release of its half year results. For the six months ended 31 December, Amcor reported net sales of US$6,927 million and a net profit of US$548 million. The latter fell short of the market consensus estimate of US$554 million.
Ansell Limited (ASX: ANN)
The Ansell share price is down 2.5% to $26.00. Investors have been selling this health and safety products company’s shares this week after it downgraded its earnings guidance. Ansell now expects its earnings per share to be between 125 US cents to 145 US cents in FY 2022. This is down materially from its previous guidance of 175 US cents to 195 US cents. This downgrade was driven by softening demand and COVID-related operational challenges.
Block Inc (ASX: SQ2)
The Block share price is down 5.5% to $161.46. Investors have been selling this payments company’s shares after its rival PayPal fell materially short of the market’s expectations with its quarterly result. This led to the PayPal share price falling 18% in after hours trade on Wall Street. The US listed shares of Block were down 7% after hours.
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is down almost 6% to $32.89. This appears to have been driven by a lukewarm response to the debt collector’s half year results from brokers. For example, while Morgans has put an add rating and $36.80 price target on its shares, it analysts note that Credit Corp’s first half profit fell short of its expectations.
The post Why Amcor, Ansell, Block, and Credit Corp shares are sinking today appeared first on The Motley Fool Australia.
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More reading
- ASX 200 (ASX:XJO) midday update: Amcor slides, BHP and Fortescue storm higher
- Amcor (ASX:AMC) share price falls despite reaffirming earnings guidance and US$200m buyback expansion
- Why did these tech shares lead the ASX 200 today?
- Ansell (ASX:ANN) share price falls again amid broker upgrade
- Afterpay takes a bow, officially uniting with Block (ASX:SQ2) shares on the ASX
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