Why Bravura, Domino’s, Lendlease, and Woolworths shares are sinking

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped deep into the red. At the time of writing, the benchmark index is down 1.8% to 6,863.2 points.

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

Bravura Solutions Ltd (ASX: BVS)

The Bravura share price has crashed 54% to 60.2 cents. Investors have been selling this financial technology company’s shares after it announced the results of a strategic review. Management commented: “The review has indicated that whilst Bravura has solid foundations, the business will be required to be reconfigured to scale our products across customers. This will require enhancing the existing technology stack to unlock the existing microservices strategy, drive higher resale multiples on technology development and reduce single customer efforts.”

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price is down 10.5% to $53.70. This pizza chain operator’s shares have come under pressure after the release of a disappointing trading update at yesterday’s annual general meeting. Management warned that its earnings would be down “materially” during the first half.

Lendlease Group (ASX: LLC)

The Lendlease share price is down 7.5% to $7.94. This has been driven by the release of the property developer’s strategy briefing this morning. That briefing also provided an update on the company’s outlook for FY 2023. Lendlease now expects to only hit the lower end of its ROIC and EBITDA margin guidance for its businesses.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is down almost 4% to $31.99. Investors have been selling this retail giant’s shares following the release of a mixed first quarter update. Although Woolworths’ sales were largely in line with expectations, its key Food businesses underperformed due partly to weak online sales.

The post Why Bravura, Domino’s, Lendlease, and Woolworths shares are sinking appeared first on The Motley Fool Australia.

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More reading

• Why is the Domino’s share price down 13% in two days?
• Why is the Woolworths share price sinking 4% today?
• Why is the Bravura share price crashing 59% today?
• Woolworths share price on watch following soft Q1 update
• 2 ASX shares to cash in on ‘a very good Christmas’: expert

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 Bravura Solutions Ltd. The Motley Fool Australia has positions in and has recommended Bravura Solutions Ltd. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited. 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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