In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. The benchmark index is down 0.9% to 6,112.2 points.
Four shares that are falling more than most today are listed below. Here's why they are dropping lower:
The CSL Limited (ASX: CSL) share price is down 3% to $302.12. This decline may have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded CSL's shares to a neutral rating with reduced price target of $320.00. The broker made the move following the release of the biotherapeutics company's full year results on Wednesday.
The Iress Ltd (ASX: IRE) share price is down 5% to $10.67. This follows the release of the financial technology company's half year results this morning. Although IRESS reported a 12% increase in revenue, it posted a disappointing 14% decline in net profit for the half.
The Santos Ltd (ASX: STO) share price has fallen 4% to $5.63. Investors have been hitting the sell button after the energy producer's half year results disappointed. Santos posted a 16% decline in sales revenue to US$1.7 billion for the half. Things were much worse on the bottom line, where the company recorded a loss of US$289 million. And while Santos will pay an interim dividend, it is down 65% on the prior corresponding period to 2.1 U.S. cents.
The Webjet Limited (ASX: WEB) share price is sinking notably lower today after the release of its full year results. In FY 2020 the online travel agent posted a 27% decline in revenue to $266.1 million and a massive statutory net loss after tax of $143.6 million. This statutory result includes one-off items totalling $117.7 million. These include $40 million debtor write-offs, $14.6 million associated with the closure of Webjet Exclusives, and a $20 million impairment of intangibles from the closure of Online Republic Cruise.
