Why Cedar Woods, Champion Iron, Domino's, and Woodside shares are dropping today

These ASX shares are having a tough time on Tuesday.

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The S&P/ASX 200 Index (ASX: XJO) is on track to start the week with a small gain. In afternoon trade, the benchmark index is up 0.1% to 7,129.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Cedar Woods Properties Limited (ASX: CWP)

The Cedar Woods share price is down 1.5% to $4.82. Investors have been selling this property company's shares today following the release of a market update. Management advised that it is now guiding to net profit of $30 million in FY 2023. This is down from its previous forecast of meeting or exceeding FY 2022's net profit of $37.4 million.

Champion Iron Ltd (ASX: CIA)

The Champion Iron share price is down 4% to $6.04. This has been driven by a pullback in iron ore prices and this miner's shares going ex-dividend today. In respect to the latter, eligible shareholders can now look forward to receiving Champion Iron's 11.3 cents per share final dividend on 5 July.

Domino's Pizza Enterprises Ltd (ASX: DMP)

The Domino's share price is down 7% to $42.99. This pizza chain operator's shares have come under pressure today after it released a trading update. That update revealed that its second half earnings have been softer than it was expecting. Management is now taking major cost cutting action, including closing down its Denmark stores.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down 2% to $34.10. This follows a sharp decline in oil prices overnight. It isn't just Woodside that is falling today. The S&P/ASX 200 Energy index is down 1.5% at the time of writing. Demand concerns weighed on oil prices.

Motley Fool contributor James Mickleboro has positions in Domino's Pizza Enterprises. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Domino's Pizza Enterprises. The Motley Fool Australia has recommended Domino's Pizza Enterprises. 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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