Why these 4 ASX shares are finishing the week in the red

Thanks largely to gains in the financial and industrial sectors the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is finishing the week strongly. In afternoon trade the index is up 0.4% to 5,807 points.

Unfortunately not all shares have been able to climb higher today. Four in particular are finishing the week deep in the red. They are as follows:

The Creso Pharma Ltd (ASX: CPH) share price has dropped 4% to 72 cents today. Despite today’s decline the pot stock is still up by around 120% since the start of March. With no news out of the company, I believe today’s decline is likely to be the result of traders taking profit.

The Freelancer Ltd (ASX: FLN) share price has fallen 3% to 88.7 cents. In January the company posted a strong full-year result which saw cash receipts rise 35% to $51.9 million. Despite this, Freelancer’s shares have now edged 12% lower year-to-date. I think at the current price, Freelancer is worth a closer look.

The Harvey Norman Holdings Limited (ASX: HVN) share price has dropped 2.5% to $4.74. Whilst I was reasonably impressed with the company’s recent half-year result, you won’t find me investing in its shares at this point. I have major concerns over the impact the much speculated launch of Amazon in Australia could do to its overall profitability.

The Stemcell United Ltd (ASX: SCU) share price has dropped a massive 28% to 24.5 cents. Following a stellar run this week after announcing plans to enter the medical marijuana space, it appears as though traders are taking profit whilst they still can. Despite this drop its shares are still up around 1,700% this week.

If your portfolio took a beating today then I would suggest you consider giving it a boost with an investment in one of these hot stocks. I'm tipping each of them to deliver strong results once again this year, which could make it an ideal time to snap them up.

Top 3 ASX Blue Chips To Buy In 2017

For many, blue chip stocks means stability, profitability and regular dividends, often full franked..

But knowing which blue chips to buy, and when, can often be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2017."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

If you're expecting to see the likes of Commonwealth Bank, Telstra and Wesfarmers shares on this list, you'll be sorely disappointed. Not only are their dividends growing at a snail's pace, their profits are under pressure too due to the increasing competitive environment.

The contrast to these "new breed" blue chips couldn't be greater... especially the very real prospect of significant share price gains, something that's looking less likely from the usual blue chip suspects.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

Click here to claim your free report.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.