The S&P/ASX 200 Index (ASX: XJO) is out of form and trading lower on Tuesday. In afternoon trade, the benchmark index is down 0.2% to 9,035.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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CSL Ltd (ASX: CSL)
The CSL share price is down 16% to $178.00. Investors have been selling this biotechnology giant's shares after it downgraded its guidance for FY 2026. This was driven largely by softer than expected demand for influenza vaccines in the United States. For the same reason, the company has also trimmed its FY 2027 and FY 2028 earnings guidance. It now expects high single digit growth instead of double digit growth for those years. Dr Paul McKenzie, said: "Due to ongoing uncertainty in the U.S. influenza vaccine market, while there are some scenarios in which group NPATA growth may touch double digits, we believe high single-digit growth is a more appropriate expectation until the U.S. influenza vaccine market improves."
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down 12% to $1.07. This follows the release of the lithium miner's quarterly update. Although it posted a small increase in production, Liontown recorded a sharp decline in sales and higher costs. This led to the company reporting negative operating cash flow for the free months.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 6% to $3.07. This seems to have been driven by broad weakness on the lithium industry after trade tensions between the US and China eased. In addition, a couple of major brokers have downgraded the lithium miner's shares to a sell rating this week. For example, Morgans said: "Following recent share price strength we believe PLS is now trading well ahead of fundamentals and we therefore move to a SELL rating (previously HOLD) with a A$2.80ps target price (previously A$2.30ps)."
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price is down 17% to $70.48. The catalyst for this is news that the logistics solutions technology provider's office was raided by officers from ASIC and the Australian Federal Police. They came searching for information related to share sales by its founder and several colleagues late last year and through to early this year. WiseTech advised that no charges had been laid as of the release of its announcement.
