Why Aurizon, Bega Cheese, Flight Center and Lake Resources Stocks Are Tumbling

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The S&P/ASX 200 Index (ASX:XJO) is on track to post a decent gain despite Wall Street’s weakness overnight. In afternoon trading, the benchmark index rose 0.45% to 6,652.2 points.

Four ASX stocks that failed to keep up with the market higher today are listed below. Here’s why they’re dropping:

Aurizon Management Ltd. (ASX:AZJ)

Aurizon’s stock price is down 2% at $3.75. This is despite the company revealing that the ACCC will not oppose Aurizon’s proposed acquisition of One Rail. However, the rail freight operator will have to divest One Rail’s east coast business to complete the deal.

Bega Cheese stock price is down 7.5% at $3.28. This morning, the food company released its guidance for fiscal year 2023 and revealed that it expects to report EBITDA of $160-190 million. This will mean no growth and potentially even a year-over-year decline based on the FY2022 forecast of $175-190 million. A memo from Bell Potter today reveals that it forecast EBITDA of $195 million for fiscal year 2023.

Flight Center Travel Group Ltd (ASX: FLT)

Flight Center stock price is down 3% at $16.53 despite no news from the travel agent. However, it should be noted that other travel shares are also falling on Thursday. Investors may worry that rising inflation will affect consumer spending on travel.

Lake Resources’ share price is down 5% to 64 cents. This morning, shares of this lithium developer returned from a trading halt after responding to a scathing report from J Capital. Although management said the report “presents incorrect information on technical matters and inaccurate assertions about Lake Resources’ progress to date,” that hasn’t stopped investors from selling its shares today.