Why CSL, Downer, Magellan, and PointsBet shares are falling today

These ASX shares are falling on Wednesday. Here's why…

| More on:
A worried man holds his head and look at his computer.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning streak. At the time of writing, the benchmark index is up 0.3% to 7,125.5 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:

CSL Limited (ASX: CSL)

The CSL share price is down 1.5% to $292.25. Investors have been selling this biotherapeutics giant's shares following the release of its full year results. Although CSL delivered a result that was in line with expectations, its guidance for FY 2023 fell short. CSL is forecasting an uplift in profits of around 8%.

Downer EDI Limited (ASX: DOW)

The Downer share price is down over 7% to $5.20. Investors have been selling this integrated services provider's shares after it reported a 17% profit decline in FY 2022. Management blamed COVID-19 and severe wet weather for the poor performance. However, it is expecting a much better performance in FY 2023 and is guiding to underlying net profit growth of 10% to 20%.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 5% to $14.22. This morning this struggling fund manager released its full year results for FY 2022. Magellan reported an adjusted net profit after tax of $399.7 million, which was down 3% year over year. Management also warned that the material client outflows experienced in the second half of the year will impact FY 2023.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is down almost 8% to $3.60. This is despite the sports betting company revealing that its shares have been approved for eligibility by the Depository Trust Company (DTC), facilitating real time electronic clearing and settlement in the United States. A soft night on the tech-focused NASDAQ index may have taken the wind out of its sails today.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Accent, Sayona Mining, Web Travel, and Weebit Nano shares are dropping today

These shares are having a tough time on Thursday. Why are they being sold off?

Read more »

A smartly-dressed man screams to the sky in a trendy office.
Share Fallers

Why Appen, DroneShield, PWR, and Webjet shares are sinking today

These shares are having a tough time on hump day. But why?

Read more »

a car driver sits up and looks alert with wide eyes and an expression of concentration while he holds the wheel of a car.
Share Fallers

Why this ASX All Ordinaries stock just crashed 24%!

Investors are punishing the ASX All Ords company today. Let’s find out why.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Elders, KMD, Lovisa, and Telix shares are dropping today

These shares are missing out on the good times on Tuesday. But why?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Life360, Lovisa, NAB, and Resolute shares are falling today

These shares are starting the week in the red. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Healthcare Shares

This ASX All Ords share is diving 18% as inflation pain draws blood

This healthcare company delivered a trading update at its annual general meeting today.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Healius, Opthea, Peninsula Energy, and Wildcat shares are falling today

These shares are having a tough finish to the week. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why Graincorp, Light & Wonder, Orica, and Wildcat shares are falling today

These shares are having a tough time on Thursday. But why?

Read more »