The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Wednesday. In afternoon trade, the benchmark index is down 0.15% to 7,986.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is down almost 8% to $1.53. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has downgraded the baby products retailer's shares to a hold rating with a trimmed price target of $1.70. It said: "BBN's FY24 earnings were in line with recent guidance. Earnings came under real pressure in FY24. BBN expects to return to positive growth in sales and margins in FY25, but with an FY1 PE of 19.5x and with consensus NPAT sitting towards the top of the guidance range, we adjust to a HOLD rating."
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price is down 6.5% to $11.70. Although the corporate travel specialist reported strong profit growth in FY 2024, it fell short of its guidance. Corporate Travel Management posted a 22% increase in underlying net profit after tax to $113.3 million. This compares to its guidance of $125 million to $140 million. Management also warned that is facing significant headwinds in FY 2025. This includes a forecast 18% decline in European revenue due to the completion of non-recurring projects.
Lycopodium Ltd (ASX: LYL)
The Lycopodium share price is down 12% to $12.29. This has been driven by the release of the engineering company's full year results. Lycopodium reported revenue of $348.9 million and net profit after tax of $50.7 million, which were up modestly year on year. However, one thing falling was its cash balance, which reduced by 18% to $67.6 million. This may have spooked investors and overshadowed management positive outlook. It said: "The Company expects to maintain its strong financial performance in FY2025."
Santos Ltd (ASX: STO)
The Santos share price is down 5.5% to $7.39. Investors have been selling this energy producer's shares following the announcement of its half year results. Santos reported a 9% decline in sales revenue to US$2.7 billion and an 18% reduction in underlying profit to US$654 million. This was driven by lower volumes, lower realised LNG prices, higher tax expense, and a higher effective tax rate. Management has held firm with its production guidance for the full year.
