Why Flight Centre, Fortescue, Kelsian, and Neuren shares are dropping today

These ASX shares are being hit hard 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 small decline. At the time of writing, the benchmark index is down 0.1% to 7,654.3 points.

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

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 7% to $20.14. This follows the release of the travel agent's half-year results. Flight Centre reported a 15% increase in total transaction value to $11.3 billion and a 565% jump in underlying profit before tax to $106 million. As strong as this was, it was still short of consensus estimates.

Fortescue Ltd (ASX: FMG)

The Fortescue share price is down almost 3.5% to $26.60. This has been driven by the mining giant's shares going ex-dividend this morning for its latest payout. Eligible shareholders can now look forward to being paid its fully franked $1.08 per share dividend next month on 27 March.

Kelsian Group Ltd (ASX: KLS)

The Kelsian share price is down 13% to $5.75. This morning, Kelsian, formerly known as Sealink, released its half-year results. It reported a 44.9% increase in revenue to $982.7 million. However, due to weaker margins, it only achieved a 20.4% lift in underlying net profit after tax and before amortisation (NPATA) to $43.1 million.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren share price is down 13% to $18.73. This has been driven by the release of sales data for its Daybue product. Its partner Acadia Pharmaceuticals (NASDAQ: ACAD) announced fourth quarter Daybue net sales in the United States of US$87.1 million. It also provided 2024 guidance for sales of between US$370 million and US$420 million. This appears to be short of the market's expectations.

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 recommended Flight Centre Travel Group. 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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