The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped deep into the red. In afternoon trade, the benchmark index is down 1.05% to 6,972.7 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Credit Corp Group Limited (ASX: CCP)
The Credit Corp share price is down 6% to $19.72. Investors have been selling this debt collectorâs shares after it announced customer remediation plans. Credit Corp realised that it has charged people interest that it shouldnât have done. The total refund is expected to be $4 million at the most.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 12% to $7.29. This follows the release of the drinks companyâs full year results for FY 2022. Endeavour reported flat revenue of $11.6 billion and an 11.2% increase in net profit after tax to $495 million. This was in line with consensus estimates. The decline appears to have been triggered by a weakening trading trend into early FY 2023 for its retail segment.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 8% to $3.49. This follows the release of another disappointing result from the ecommerce company. Kogan reported an 8% decline in revenue to $718.5 million and $2.9 million net loss. The company also revealed that its active customers had slipped back under 4 million.
Service Stream Limited (ASX: SSM)
The Service Stream share price is down over 16% to 85.2 cents. This morning the essential services company reported a 94.5% increase in revenue to $1,563.8 million but a 19.4% decline in adjusted net profit after tax to $31.4 million. Service Stream’s top line was boosted by the acquisition of Lendlease Services late last year.
The post Why Credit Corp, Endeavour, Kogan, and Service Stream shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Service Stream share price crashes 19% on ‘challenging’ FY22
- Why is the Credit Corp share price crumbling 6% today?
- Wall Street Slumps | Pilbara Minerals stunning profits | Kogan shares look cheap, Altium shares less soâ¦
- Endeavour share price drops 9% despite $495 million profit
- Kogan share price tumbles 9% on first ASX loss
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 Kogan.com ltd. The Motley Fool Australia has positions in and has recommended Kogan.com 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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