After a strong start to the day, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has faded in afternoon trade and is largely flat at 5,926 points.
Four shares which have acted as a drag on the market today are listed below. Here's why they have started the week deep in the red:
The MNF Group Ltd (ASX: MNF) share price has fallen 5.5% to $4.20 today despite there being no news out of the fast-growing telco company. With its shares down by around 12% since the turn of the year, I think this founder-led company could be worth a closer look.
The Platinum Asset Management Limited (ASX: PTM) share price has tumbled almost 7% to $4.34. Last week the fund manager announced a number of new initiatives aimed at attracting new investors to its international funds. The market has not reacted well to the plans, driving its share price down by around 12%.
The RCG Corporation Ltd (ASX: RCG) share price has plunged almost 20% to 66.5 cents after the footwear retailer downgraded its full-year underlying EBITDA guidance for the second time in just over two months. Although its shares look dirt cheap now, I would suggest investors give it a miss until there is a notable improvement in its performance.
The Ten Network Holdings Limited (ASX: TEN) share price continues to sink lower after a disastrous half-year report. This time its shares are down 8.5% to 24.7 cents. Morgan Stanley is the latest broker to downgrade the media company's shares. A research note out of the investment bank revealed a downgrade to equal-weight and a reduction in its price target from $2.50 to just 40 cents.
