Why AGL, New Hope, News Corp, and REA shares are dropping today

These ASX shares are out of form and ending the week in the red…

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. In afternoon trade, the benchmark index is down 0.7% to 7,439.6 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

AGL Energy Limited (ASX: AGL)

The AGL share price is down 3.5% to $6.87. Investors have been selling this energy company's shares after brokers responded negatively to yesterday's half year update. Morgans was particularly disappointed, noting that "AGL's 1H result was a significant miss on consensus and our forecast and FY23 underlying net profit guidance was reduced by $20m."

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is down 7.5% to $5.37. A number of coal miners are taking a hit on Friday amid weakness in the price of the black gold. According to CommSec, Coal Nymex futures were down 3.4% overnight to US$142.65 per tonne. This means that futures are now down 9.1% since Tuesday's session.

News Corporation (ASX: NWS)

The News Corp share price is down 6% to $28.23. This follows the release of the media giant's second quarter update. News Corp reported net income of US$94 million, down 64% from the prior corresponding period. The company also announced plans to slash its workforce by 5% in the 2023 calendar year.

REA Group Limited (ASX: REA)

The REA share price is down 3% to $120.63. Investors have been selling this property listings company's shares after its half year earnings fell short of expectations. REA reported revenue of $617 million and net profit after tax of $205 million. Goldman Sachs was expecting a profit of $208 million. Management also warned that it may not achieve its Australian positive jaws target in FY 2023.

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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