In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.1% to 7,186.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:
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Amcor (ASX: AMC)
The Amcor share price is down 10% to $14.91. This follows the release of the packaging company's quarterly update. Amcor reported a 34% decline in quarterly net income to US$177 million. This led to management downgrading its earnings guidance for the full year. It now expects to deliver earnings per share of between 72 to 74 US cents, which is down from its previous guidance of 77 to 81 US cents.
oOh!Media Ltd (ASX: OML)
The oOh!Media share price is down 24% to $1.24. Investors have been hitting the sell button after the company advised that it experienced a "softening media market at the end of Q1 and into Q2 due to a decline in the broader macroeconomic environment in Australia and New Zealand." Management also warned that April was "particularly soft."
Ramsay Health Care Ltd (ASX: RHC)
The Ramsay share price is down 6% to $61.25. This follows the release of the private hospital operator's third-quarter update. Ramsay reported that its financial year-to-date EBITDA is up 6.6% over the prior corresponding period to $1,468.6 million. Investors appear to have been expecting a stronger performance.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down over 2.5% to $32.52. Investors have been selling Woodside and other energy shares on Wednesday after oil prices crashed overnight. Traders were selling oil on concerns that fuel demand could suffer if central banks in the U.S. and Europe raise interest rates again this week.
