In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. At the time of writing, the benchmark index is down 0.4% to 6,642.2 points.
Four shares that are falling more than most today are listed below. Here's why they are dropping lower:
AGL Energy Limited (ASX: AGL)
The AGL share price is down 3% to $12.17. Investors have been selling the energy company's shares after it downgraded its guidance on Monday afternoon. AGL now expects its net profit after tax to be in the range of $560 million-$660 million, down from $500 million-$580 million previously. This represents an 11% reduction at the midpoint. This led to analysts at Morgans cutting their price target on the company's shares to $11.18 this morning.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has continued to sink lower and is down a further 4% to $2.21. Investors have been selling the biotech company's shares after the release of a couple of disappointing updates last week. Both its advanced chronic heart failure and COVID-19 Acute Respiratory Distress Syndrome trials failed to achieve their primary endpoints.
WiseTech Global Ltd (ASX: WTC)
The WiseTech share price has fallen 2% to $30.13. Investors have been selling the logistics solutions company's shares after it was the subject of a short seller attack by Viceroy Research. Its analysts claim many of the 37 acquisitions made by WiseTech over the past four years are from distressed sales or bankrupt companies with revenues falling post-acquisition.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price is down almost 2.5% to $22.53. Investors have been selling Woodside and other energy producers after oil prices tumbled lower overnight. Fears over a new strain of COVID-19 in Europe has led to concerns over demand for energy. Both WTI and Brent crude oil prices fell 2% during overnight trade.
