The S&P/ASX 200 Index (ASX: XJO) has started the week in a subdued fashion. In afternoon trade, the benchmark index is down slightly to 7,154.8 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Elders Ltd (ASX: ELD)
The Elders share price is down 20% to $10.62. Investors have been hitting the sell button today after the agribusiness company released its full year results. Although Elders delivered strong revenue and earnings growth, this was overshadowed by its uncertain outlook for FY 2023 and news that its CEO will retire next year.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 3.5% to $16.41. This follows the release of a trading update at Flight Centreâs annual general meeting. Although the travel agentâs transaction value and revenue is tracking largely in line with first half expectations, its earnings underwhelmed. Goldman notes that Flight Centreâs first half EBITDA guidance of $70 million to $90 million is short of its $119 million estimate and the market’s $104 million estimate.
Perpetual Limited (ASX: PPT)
The Perpetual share price is down 5.5% to $32.87. This follows an update on its proposed acquisition of Pendal Group Ltd (ASX: PDL). According to the release, on Wednesday the courts will decide whether the scheme meeting should go ahead. Perpetual appears to be looking for a way out of the deal, whereas Pendal wants the takeover to proceed.
Telstra Group Ltd (ASX: TLS)
The Telstra share price is down 3.5% to $3.86. This morning Telstra announced that its Group Executive, Transformation, Communications and People, Alex Badenoch will be leaving the company. She decided that now was the right time to step down given the T22 strategy and CEO transition were complete. In other news, Telstra Ventures has been caught up in the FTX collapse.
The post Why Elders, Flight Centre, Perpetual, and Telstra shares are dropping appeared first on The Motley Fool Australia.
4 ways to prepare for the next bull market
It’s a scary market. But staying in cash when inflation is surging likely wonât do investors any good either.
And when some world-class companies have pulled back considerably from their recent highs⦠All while their fundamentals remain unchangedâ¦
It begs the questionâ¦
Do you have these four stocks in your portfolio?
See The 4 Stocks
*Returns as of November 1 2022
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More reading
- Could the flurry of recent takeover bids mean ASX 200 shares are going cheap right now?
- Why is this ASX 200 share crashing 17% today?
- Are ASX share investors getting their mojo back?
- Flight Centre share price tumbles on trading update
- 5 things to watch on the ASX 200 on Monday
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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Elders Limited and Flight Centre Travel Group 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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