In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. The benchmark index is down 0.9% to 6,112.2 points.
Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:
The CSL Limited (ASX: CSL) share price is down 3% to $302.12. This decline may have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded CSL’s shares to a neutral rating with reduced price target of $320.00. The broker made the move following the release of the biotherapeutics company’s full year results on Wednesday.
The Iress Ltd (ASX: IRE) share price is down 5% to $10.67. This follows the release of the financial technology company’s half year results this morning. Although IRESS reported a 12% increase in revenue, it posted a disappointing 14% decline in net profit for the half.
The Santos Ltd (ASX: STO) share price has fallen 4% to $5.63. Investors have been hitting the sell button after the energy producer’s half year results disappointed. Santos posted a 16% decline in sales revenue to US$1.7 billion for the half. Things were much worse on the bottom line, where the company recorded a loss of US$289 million. And while Santos will pay an interim dividend, it is down 65% on the prior corresponding period to 2.1 U.S. cents.
The Webjet Limited (ASX: WEB) share price is sinking notably lower today after the release of its full year results. In FY 2020 the online travel agent posted a 27% decline in revenue to $266.1 million and a massive statutory net loss after tax of $143.6 million. This statutory result includes one-off items totalling $117.7 million. These include $40 million debtor write-offs, $14.6 million associated with the closure of Webjet Exclusives, and a $20 million impairment of intangibles from the closure of Online Republic Cruise.
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More reading
- After the stellar COVID-19 rebound, can ASX share prices keep rising?
- Iress share price dives 6% on half-year results
- ASX 200 down 1%: Qantas results, Afterpay hits record high, Webjet crashes lower
- Sonic share price surges to record high as its profit results defy sceptics
- Santos share price slumps as interim dividend slashed
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended IRESS Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Why CSL, Iress, Santos, & Webjet shares are dropping lower appeared first on Motley Fool Australia.
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