In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form and edging lower. At the time of writing, the benchmark index is down 0.1% to 7,605.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Breville Group Ltd (ASX: BRG)
The Breville share price is down 12% to $24.02. Investors have been selling the appliance manufacturer's shares after its FY 2024 guidance fell short of expectations. Although Breville's first-half earnings were in line with estimates, its guidance missed by around 4%.
James Hardie Industries plc (ASX: JHX)
The James Hardie share price is down 5% to $56.22. This is despite the release of the building materials company's quarterly update, which revealed strong revenue and profit growth. James Hardie reported a 14% increase in global net sales to US$978.3 million and a 34% jump in adjusted EBITDA to US$280.4 million.
Seek Ltd (ASX: SEK)
The Seek share price is down 9% to $24.42. Investors have been selling the job listings company's shares on Tuesday after it posted a 5% decline in revenue and a 24% drop in adjusted net profits after tax for the first half. Management advised that this reflects Australian and New Zealand paid job ads falling 20%.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is down 24% to 32 cents. This follows the release of an update on well testing activities at South Erregulla. Management believes it has encountered a possible gas-water contact in the SE-3 well. Managing Director & Chief Executive Officer, Stuart Nicholls, said: "The SE-3 flow test has not matched its petrophysical interpretation, which is disappointing. Further analysis and data collection is ongoing and Strike is reviewing the potential to return to the well."
