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.
