Why CBA, Corporate Travel Management, Treasury Wine, and Westpac shares are dropping

A worried man holds his head and look at his computer.

A worried man holds his head and look at his computer.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and has dropped deep into the red. At the time of writing, the benchmark index is down 1.2% to 7,338.5 points.

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

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down 6% to $102.30. Although Australia’s largest bank delivered a strong half year result, there are concerns that its net interest margin has peaked well ahead of expectations. Goldman Sachs wasn’t expecting the peak for another year, which has caused alarm bells to ring.

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is down 7% to $16.02. This follows the release of the corporate travel booker’s half year results. Corporate Travel Management reported a 79% increase in revenue to $291.9 million and a 182% jump in underlying EBITDA to $51.3 million. As strong as this was, the latter was still short of market expectations.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price is down over 5% to $13.55. This morning, this wine giant posted a 1.4% increase in half year sales and a 17.2% increase in EBITS. However, once again, the market was expecting a stronger result. Treasury Wine’s sales were 8% lower than consensus estimates due largely to Premium Brands weakness.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down 5% to $22.73. Investors have been selling Westpac and other bank shares today following the release of Commonwealth Bank’s results. With Australia’s largest bank’s net interest margin believed to have peaked ahead of expectations, investors appear concerned that this could be the same for the rest of the sector.

The post Why CBA, Corporate Travel Management, Treasury Wine, and Westpac 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 won’t do investors any good either.

And when some world-class companies have pulled back considerably from their recent highs… All while their fundamentals remain unchanged…

It begs the question…

Do you have these 4 stocks in your portfolio?

See The 4 Stocks
*Returns as of February 1 2023

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Motley Fool contributor James Mickleboro has positions in Westpac Banking. 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 Corporate Travel Management, Treasury Wine Estates, and Westpac Banking. 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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