Why Corporate Travel, Iluka, Magellan, and WiseTech shares are sinking today

These ASX shares are being sold off on Wednesday.

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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:

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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Corporate Travel Management, Goldman Sachs Group, and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Corporate Travel Management. 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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