Why Block, G8 Education, Megaport, and Pilbara Minerals shares are falling today

Investors have been selling these ASX shares on Thursday. But why?

| More on:
A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is having another disappointing session. In late trade, the benchmark index is down 0.8% to 6,800.7 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 8% to $65.55. Investors have been selling this payments company's shares following a very poor night of trade for its NYSE-listed shares. This appears to have been driven by a disappointing update from industry peer Worldline in France.

G8 Education Ltd (ASX: GEM)

The G8 Education share price is down almost 12% to 97.2 cents. This morning, this childcare centre operator announced that it would be selling 31 centres to an industry rival. However, it won't be receiving a cent for them. Instead, it will be paying TAK Operations $26.5 million to take them off its hands. The centres are currently posting a collective EBIT loss of ~$3 million.

Megaport Ltd (ASX: MP1)

The Megaport share price is down 17% to $9.52. This follows the release of the network services company's quarterly update. Although Megaport reported revenue of $46.5 million and record EBITDA of $15 million, it seems some investors were expecting a much stronger result.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 1.5% to $3.82. Investors have been selling this lithium miner's shares on Thursday after its quarterly update fell short of expectations on a number of key metrics. Production, sales volumes, and average realised lithium price all missed consensus estimates for the period.

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 Block and Megaport. The Motley Fool Australia has positions in and has recommended Block. The Motley Fool Australia has recommended Megaport. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

Modern accountant woman in a light business suit in modern green office with documents and laptop.
Share Market News

This ASX lithium stock is down 79% in 2024, and a director just bought 300,000 shares

This lithium director just bought the dip in a big way.

Read more »

A young male investor wearing a white business shirt screams in frustration with his hands grasping his hair after ASX 200 shares fell rapidly today and appear to be heading into a stock market crash
Share Fallers

Why DroneShield, South32, Whitehaven Coal, and Woodside shares are tumbling today

These shares are under pressure on Monday. But why?

Read more »

a business man in a suit holds his hand over his eyes as he bows his head in a defeated post suggesting regret and remorse.
Share Fallers

Why Aurelia Metals, Australian Ethical, Lifestyle Communities, and Regis Resources shares are falling

These shares are falling heavily with the market. But why?

Read more »

senior couple disappointed and sad at their financial situation
Share Fallers

Down 26% in 5 days, why is this ASX 200 real estate stock crashing again today?

Investors are displeased with the latest announcement from the ASX 200 real estate stock.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Alumina, Domino's, DroneShield, and WiseTech shares are sinking today

These shares are having a tough session on Thursday. Why are investors selling their shares?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Deep Yellow, DroneShield, Mount Gibson Iron, and Praemium shares are falling

These shares aren't having a good time on hump day. What's going on?

Read more »

woman holding man's hand as he falls representing ups and downs of ASX investing
Share Fallers

What's next for Droneshield stock after Tuesday's 22% drop

DroneShield shares crashed yesterday. What's next for the company?

Read more »

drone stuck in a tree representing crashing Aerometrix share price
Share Fallers

Big ASX news! DroneShield share price crashes 31%

DroneShield shares are enduring a stunning fall from grace today.

Read more »