In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 7,302.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Block Inc. (ASX: SQ2)
The Block share price is down 10% to $104.31. Investors have been selling this payments company's shares after its quarterly update disappointed. The main culprit was its slowing gross payment volume growth. Block reported gross payment volume of US$59 billion, which was US$700 million short of the consensus estimate of US$59.7 billion.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down 2.5% to $21.99. This appears to have been driven by a broker note out of Macquarie. Its analysts have downgraded the travel agent's shares to a neutral rating with a $23.00 price target. Macquarie made the move on valuation grounds following a very strong gain in 2023.
Mesoblast Ltd (ASX: MSB)
The Mesoblast share price has crashed 54% to 50.5 cents. Investors have been heading to the exits on Friday after the biotechnology company's stem cell therapy wasn't approved by the US FDA. The good news is that it isn't the end of the road. However, Mesoblast will now need to launch another trial and seek approval again. No timeline or cost estimates have been provided at this stage.
ResMed Inc. (ASX: RMD)
The ResMed share price is down 10.5% to $30.30. This morning, this sleep treatment company released its full-year results and revealed earnings short of the market's expectations. This was driven by a surprisingly sharp contraction in gross margins. Goldman Sachs commented: "Earnings miss -5% as gross margin pressures continue to disappoint."
