Why Aristocrat, CBA, Core Lithium, and GrainCorp shares are dropping today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 7,115.2 points.

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

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat share price is down 5.5% to $35.74. This follows the release of the gaming technology company’s full year results. Aristocrat reported operating revenue growth of 17.7% to $5,573.7 million and NPATA growth of 27.1% to $1,099.3 million. Goldman Sachs notes that the result was “in line with street; [but] ANZ gaming impacted by supply chain.”

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down over 2% to $104.18. This morning, the team at Credit Suisse responded to the banking giant’s first quarter update by downgrading its shares to an underperform rating with a $97.50 price target. Its analysts appear to believe that CBA’s net interest margin improvements will be offset by rising costs.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down a further 4.5% to $1.50. Investors have been selling Core Lithium and other lithium shares over the last couple of sessions amid concerns over demand for the battery making ingredient in China. This follows a note out of Credit Suisse which highlights that a major cathode producer is believed to have slashed production targets.

GrainCorp Ltd (ASX: GNC)

The GrainCorp share price is down almost 3% to $7.77. This is despite the grain exporter releasing its full year results and reporting stellar earnings and dividend growth. Investors may be concerned by the company’s outlook statement. Management warned that heavy rainfall was impacting east coast production.

The post Why Aristocrat, CBA, Core Lithium, and GrainCorp shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• This ASX 200 company just supersized its dividend by 200% So, why is its share price falling?
• CBA share price drops on bearish broker notes
• Can ASX lithium shares really keep dining out at these price levels?
• Are Core Lithium shares suddenly on the nose?
• The future of ASX lithium shares: Are investors looking through rose-coloured glasses?

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 no position in any of the stocks mentioned. 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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