The S&P/ASX 200 Index (ASX: XJO) is having a strong session on Wednesday. In afternoon trade, the benchmark index is up 0.7% to 7,169 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel share price is down 6.5% to $18.16. Investors have been selling this corporate travel specialist's shares after a strong FY 2023 result was overshadowed by softer-than-expected guidance for the year ahead. Management is guiding to underlying EBITDA of $240 million to $280 million (+43.6% to +67.6%) in FY 2024. However, Goldman Sachs had pencilled in EBITDA of $289.3 million.
Iluka Resources Limited (ASX: ILU)
The Iluka share price is down 10% to $8.41. This follows the release of the mineral sands company's half-year results. For the six months ended 30 June, Iluka reported a 10% decline in mineral sands revenue to $712 million and a 22% decline in underlying EBITDA to $368 million.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 7% to $9.82. This has been driven by the fund manager's shares going ex-dividend this morning. Last week, Magellan revealed that it will be paying a final dividend of 35.6 cents per share, a performance fee dividend of 4.2 cents per share, and a special dividend of 30 cents per share. This is a total of 69.8 cents per share and will be paid to eligible shareholders on 7 September.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is down almost 20% to $69.62. This morning, this logistics software company released its FY 2023 results and reported a 28% increase in underlying EBITDA to $412.1 million. While this beat the consensus estimate of $403 million, its significantly weaker-than-expected guidance for FY 2024 disappointed the market. Goldman Sachs notes that the company's FY 2024 EBITDA guidance range of $455 million to $490 million is well short of its estimate of $547 million and the consensus estimate of $545 million.
