Why Fletcher Building, Graincorp, GUD, and Seek shares are sinking today

These ASX shares are crashing deep into the red today. But why?

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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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1% to 7,529.3 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is down over 7% to $3.43. This morning, Fletcher Building released its half-year results and reported a 1% decline in revenue to NZ$4,248 million and a net loss after tax of NZ$120 million. In addition, the building products company announced that its CEO, Ross Taylor, and chair, Bruce Hassall, will be standing down.

Graincorp Ltd (ASX: GNC)

The Graincorp share price is down almost 14% to $7.09. This follows the release of the grain exporter's guidance for FY 2024 at its annual general meeting. Graincorp expects underlying EBITDA in the range of $270 million to $310 million and underlying net profit after tax of $65 million to $95 million. This will be down from $565 million and $250 million, respectively, in FY 2023.

GUD Holdings Limited (ASX: GUD)

The GUD share price is down 8.5% to $11.00. This follows the release of the diversified products company's half-year results. GUD reported an 11.6% increase in underlying EBITA to $98 million thanks to strong growth from the APG business and the ongoing resilience of the Automotive business. However, it warned that its APG business will be impacted by "short-term deferrals of replenishment orders (Toyota)." This means that "H2 EBITA is expected to be slightly below H1."

Seek Ltd (ASX: SEK)

The Seek share price is down a further 6% to $24.07. This job listings company's shares have come under pressure since the release of its results on Tuesday. Not even a broker upgrade by Macquarie has stopped the rot. Its analysts upgraded Seek's shares to an outperform rating with a $29.00 price target this morning.

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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