Why Corporate Travel Management, Iress, Rio Tinto, and Woolworths shares are crashing

These ASX shares are being sold off on Wednesday. But why?

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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 0.6% to 7,612.8 points.

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

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is down 18% to $16.20. This follows the release of the corporate travel specialist's half-year results. Although the company posted a 162% increase in underlying net profit after tax to $57.9 million, this has been overshadowed by softer than expected guidance for the full year.

Iress Ltd (ASX: IRE)

The Iress share price is down 6% to $8.20. This morning, this financial technology company released its full-year results and reported a 2% increase in operating revenue to $625.7 million but a 12% decline in underlying EBITDA to $128.3 million.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down almost 3% to $124.55. Investors have been selling this mining giant's shares after a sharp decline in iron ore prices offset the release of an announcement this morning. The latter reveals that Rio Tinto has signed Australia's largest renewable power purchase agreement (PPA) to date to supply its Gladstone operations in Queensland.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is down over 8% to $32.87. This has been driven by the release of the supermarket giant's half-year results and the announcement of the resignation of its CEO, Brad Banducci. Woolworths reported a loss after significant items of $781 million. Profit before significant items was up 2.5% to $929 million. Banducci will exit on 1 September after eight and a half years at the helm.

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 Corporate Travel Management. The Motley Fool Australia has recommended Corporate Travel Management. 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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