Why Block, Domino's, IDP Education, and Sayona Mining shares are sinking like stones today

These ASX shares are ending the week in the red. But why?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning run. The benchmark index is currently up 0.15% to 7,530.5 points.

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

Block Inc (ASX: SQ2)

The Block share price is down almost 6% to $94.99. This follows a similarly sharp decline by the payments company's shares listed on the NYSE overnight. However, it remains unclear why they were sold off on Wall Street.

Domino's Pizza Enterprises Ltd (ASX: DMP)

The Domino's share price is down almost 30% to $40.28. Investors have been hitting the sell button today after the pizza chain operator released a trading update which fell well short of expectations. Domino's preliminary half-year net profit before tax is expected to be between $87 million and $90 million. This misses the consensus estimate of $103 million by a decent margin.

IDP Education Ltd (ASX: IEL)

The Idp Education share price is down 3% to $19.50. This language testing and student placement company's shares have come under pressure this week after Canada announced plans to limit foreign student visas in response to housing shortages. Student numbers will be down by approximately a third in 2024. This could be a blow to IDP Education's operations in the country.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 7% to 4.1 cents. This morning, this lithium miner announced that it is undertaking an operational review of North American Lithium (NAL) operation. This review will focus on optimising its cost structure to manage cash flow and enhance financial sustainability. One positive is that management hopes to keep producing lithium through the cycle. The results of the review will be released by the end of the quarter.

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 Block, Domino's Pizza Enterprises, and Idp Education. The Motley Fool Australia has positions in and has recommended Block. The Motley Fool Australia has recommended Domino's Pizza Enterprises and Idp Education. 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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