Why Breville, James Hardie, Seek, and Strike Energy shares are sinking like stones today

These ASX shares are having a tough time on Tuesday. But why?

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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."

Motley Fool contributor James Mickleboro has positions in Seek. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Seek. 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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