The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. In afternoon trade, the benchmark index is down 0.7% to 7,439.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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AGL Energy Limited (ASX: AGL)
The AGL share price is down 3.5% to $6.87. Investors have been selling this energy company's shares after brokers responded negatively to yesterday's half year update. Morgans was particularly disappointed, noting that "AGL's 1H result was a significant miss on consensus and our forecast and FY23 underlying net profit guidance was reduced by $20m."
New Hope Corporation Limited (ASX: NHC)
The New Hope share price is down 7.5% to $5.37. A number of coal miners are taking a hit on Friday amid weakness in the price of the black gold. According to CommSec, Coal Nymex futures were down 3.4% overnight to US$142.65 per tonne. This means that futures are now down 9.1% since Tuesday's session.
News Corporation (ASX: NWS)
The News Corp share price is down 6% to $28.23. This follows the release of the media giant's second quarter update. News Corp reported net income of US$94 million, down 64% from the prior corresponding period. The company also announced plans to slash its workforce by 5% in the 2023 calendar year.
REA Group Limited (ASX: REA)
The REA share price is down 3% to $120.63. Investors have been selling this property listings company's shares after its half year earnings fell short of expectations. REA reported revenue of $617 million and net profit after tax of $205 million. Goldman Sachs was expecting a profit of $208 million. Management also warned that it may not achieve its Australian positive jaws target in FY 2023.
