In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.8% to 7,905.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 25% to $1.47. Investors have been selling this counter drone technology company's shares after its growth slowed markedly during the second quarter. DroneShield revealed that it achieved record revenue of $24.1 million for first half of FY 2024. While this is up 110% on the prior corresponding period, revenue dropped by over 50% quarter on quarter. The company's second quarter revenue was $7.4 million, down from $16.7 million during the first quarter.
South32 Ltd (ASX: S32)
The South32 share price is down 13% to $2.98. This has been driven by the release of the diversified miner's fourth quarter and full year update. While South32 reported a 10% quarter on quarter increase in copper production to 15.3kt for the fourth quarter, this was overshadowed by management downgrading its guidance for FY 2025. It advised that it has downgraded its production guidance for alumina by 5%, Sierra Gorda payable copper equivalent by 7%, and Cannington payable zinc equivalent by 9%. The company has also announced pre-tax impairment expenses for Worsley Alumina of ~US$554 million and Cerro Matoso of ~US$264 million.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 4% to $7.99. This appears to have been driven by the release of a broker note out of Citi this morning. According to the note, the broker has downgraded this coal miner's shares to a neutral rating (from buy) with a trimmed price target of $8.90 (from $9.20). The broker suspects that the company could disappoint next month when it releases its results and reveals its cost guidance for FY 2025. In addition, with its shares rising strongly in recent months, it felt they were about fair value.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is down 2.5% to $28.46. Investors have been selling this energy giant's shares following a sizeable pullback in oil prices on Friday night. This appears to have offset news that Woodside has agreed to make a large acquisition. According to the release, the company has entered into a definitive agreement to acquire Tellurian Inc for an all-cash payment of around US$900 million. Woodside's CEO, Meg O'Neill, said: "The acquisition of Tellurian and its Driftwood LNG development opportunity positions Woodside to be a global LNG powerhouse."
