In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red. At the time of writing, the benchmark index is down 0.4% to 7,498.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
AGL Energy Limited (ASX: AGL)
The AGL share price is down 11% to $7.04. This follows the release of a disappointing half year result this morning. For the six months ended 31 December, AGL reported underlying net profit after tax of $87 million, which is a 55% decline on the prior corresponding period. This led to AGL slashing its dividend by half to 8 cents per share.
Dicker Data Ltd (ASX: DDR)
The Dicker Data share price is down a further 6.5% to $8.70. Investors have been selling the shares of this wholesale computer hardware and software distributor since the release of its unaudited full year results yesterday. Dicker Data reported a 25% increase in revenue to $3.1 billion but a small decline in net profit after tax to $73.4 million.
Megaport Ltd (ASX: MP1)
The Megaport share price is down 6% to $5.83. This has been driven by the release of the network as a service provider's half year results. Megaport reported a loss of $9.2 million and a reduction in its cash balance from $56.9 million to $39.2 million.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is down 2.5% to $12.74. That's despite a large number of brokers responding positively to the banking and insurance giant's half year results from yesterday. For example, Morgans has retained its add rating and lifted its price target to $14.44, whereas Macquarie reaffirmed its outperform rating and increased its price target to $16.40.
