The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red. At the time of writing, the benchmark index is down 0.3% to 8,273.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Block Inc (ASX: XYZ)
The Block share price is down 10.5% to $111.07. Investors have been selling this payments giant's shares again after its NYSE shares crashed on Friday night in response to its fourth quarter results. Those results showed lower than expected revenue growth of 4% year-on-year. Also weighing on the company's shares was its guidance for FY 2025, which was softer than the market was expecting.
Guzman Y Gomez Ltd (ASX: GYG)
The Guzman Y Gomez share price is down 7% to $35.81. This Mexican fast food chain operator's shares have been sold off since the release of its half year results on Friday. A poor performance in the United States appears to have spooked the market. Goldman Sachs remains bearish. This morning, the broker retained its sell rating with a $33.60 price target. Goldman said: "We remain cautious based on 1) an overly ambitious long-term store expansion profile; 2) a stretched valuation versus offshore peers; and 3) a stock overhang with c.13% of total shares expected to be released from escrow in early March 2025 and the remaining c.40% in August 2025."
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is down almost 6% to $27.61. This follows the release of the fashion jewellery retailer's half year results. Lovisa reported an 8.8% increase in revenue to $405.9 million and a 6.5% lift in net profit after tax to $56.9 million. Not even its strong start to the second half has been enough to stop its shares from falling. Management revealed that total sales were up 12.9% during the first seven weeks compared to the prior corresponding period.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down a massive 23% to $93.39. Investors have been rushing to the exits after the logistics solutions company revealed that four directors are stepping down this week. This follows "intractable differences" in the board and differing views around the ongoing role of the company's founder and founding CEO, Richard White. In addition, WiseTech revealed that it only expects to achieve the low end of its revenue guidance in FY 2025 due to further product rollout delays.
