Why these 4 ASX shares have started the week with BIG declines

Credit: Ann1513

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.

If your portfolio took a hit today don't worry. I think these high-flying growth shares could be just what it needs to give it a huge lift.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Platinum Investment Management Limited. Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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