The S&P/ASX 200 Index (ASX: XJO) is having a very tough session on Wednesday. In response to the release of a hotter-than-expected inflation reading, the benchmark index is down 1.35% to 7,661.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Cettire Ltd (ASX: CTT)
The Cettire share price is down 5% to $2.31. Short sellers have been targeting this online luxury products retailer amid concerns over the authenticity of products on its website. However, Cettire has refuted these allegations and stated: "Since commercial launch in 2017, Cettire has handled more than 2 million individual orders. There is not a single confirmed case of a non-genuine item being sold on Cettire's platform."
Neuren Pharmaceuticals Ltd (ASX: NEU)
The Neuren Pharmaceuticals share price is down 10% to $20.73. This may have been driven by profit-taking from some investors after a very strong gain. For example, prior to today's decline, the pharmaceutical company's shares were up 20% since the start of the month. Investors have been buying Neuren's shares following the release of top-line results from its phase 2 clinical trial of NNZ-2591 in children with Pitt Hopkins syndrome (PTHS). That study delivered a "statistically significant improvement" across all four efficacy measures.
Peter Warren Automotive Holdings Ltd (ASX: PWR)
The Peter Warren Automotive Holdings share price is down a further 3.5% to $1.80. Investors have been selling the automotive retailer's shares this week after it released disappointing earnings guidance. Peter Warren advised that while revenue has continued to grow, it now expects its underlying profit before tax for FY 2024 to be in the range of $52 million to $57 million. Management notes that this is lower than market expectations and has been driven by a significant increase in vehicle supply, which has led to greater competition between dealerships and lower gross profit margins on new vehicles. In response, Citi downgraded its shares to a sell rating with a reduced price target of $1.70.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 3% to $5.88. This may have been driven by concerns that higher-than-expected inflation will either lead to further rate increases or interest rates staying higher for longer. Both could have meaningful implications for consumer spending on travel. According to the Australian Bureau of Statistics, the headline CPI indicator rose 3.6% in the 12 months to April. This was notably higher than the market was expecting.
