Why these 4 ASX shares have been CRUSHED today

Santos Ltd (ASX:STO) is one of four shares on the ASX which have dropped lower today. Here's why they've been crushed…

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Following a massive sell off in the energy sector the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower by 0.8% to 5,537 points.

Four shares in particular have played a role in today's decline with significant falls.

Here's why:

CSG Limited (ASX: CSV) shares have dropped 9% to 70 cents despite there being no news out of the printing company. This time last month I warned investors off the company as I doubted the company's full year guidance. I believe the guidance is far too ambitious and expect a further downgrade to come in February when it releases its half year results.

Resolute Mining Limited (ASX: RSG) has been one of the worst performing gold miners today. Its shares are lower by 6% to $1.09 following a drop in the gold price after the Federal Reserve's decision to raise rates in the United States. As more rate rises are now expected in 2017, I believe the gold price will continue sliding lower over the next 12 months.

Sky Network Television Ltd (ASX: SKT) shares have fallen for a second day in a row. Today the New Zealand-based entertainment company's share price has fallen 4% to $3.93. These declines are the result of yesterday's earnings downgrade. Sky expects full year EBITDA to be between 5% and 7% lower than the $296 million it forecast previously. This will mean earnings come in up to 15% lower than last year.

Santos Ltd (ASX: STO) shares have plunged almost 10% to $3.98 today. A drop in the oil price weighed on its shares, as did news of its plan to raise $1.5 billion via an institutional placement and share purchase plan at $4.06 per share. If oil prices do hit US$60 a barrel and stay that way then Santos could be an appealing investment. But that is a big "if" at this point in time in my opinion.

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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