Why Clinuvel, Medibank, Sayona Mining, and Tabcorp shares are sinking today

These ASX shares are out of favour with investors on Thursday. 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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The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory on Thursday. In afternoon trade, the benchmark index is up slightly to 7,609.5 points.

Four ASX shares that are acting as a drag on proceedings today are listed below. Here's why they are falling:

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is down 8% to $15.01. This morning, this biopharmaceutical company released its half-year results and reported a 10% increase in revenue but a 4% decline in net profit after tax. This profit decline reflects a "controlled 28% expenses increase."

Medibank Private Ltd (ASX: MPL)

The Medibank share price is down 4.5% to $3.69. Investors have been selling the private health insurer's shares following the release of its half-year results. Medibank reported a 3.3% lift in revenue to $4,024 million and a 16.3% increase in underlying net profit after tax to $262.5 million. The latter was slightly below the consensus estimate of $265.7 million.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 26% to 4.7 cents. This has been driven by news that its largest shareholder, Piedmont Lithium Inc (ASX: PLL), has offloaded its entire stake in the lithium miner. Piedmont Lithium agreed to sell 1,152.2 million Sayona Mining shares for a deep discount of 5.2 Australian cents per share, bringing in proceeds of $59.9 million.

Tabcorp Holdings Ltd (ASX: TAH)

The Tabcorp share price is down 15% to 61.5 cents. This gambling company's shares are crashing today after investors responded negatively to its half-year results. Tabcorp reported a 5% decline in revenue to $1,210 million and a loss after tax of $636.8 million. The latter was driven by a non-cash impairment charge of $731.9 million after tax to its wagering and media business.

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 no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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