Why these 4 ASX shares have started the week in the red

The Ardent Leisure Group (ASX:AAD) share price is one of four starting the week in the red. Here's what you need to know…

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a reasonably mixed start to the week. After a strong start to the day it has slipped up and in afternoon trade finds itself higher by 0.1% to 5,720 points.

Four shares which have had a disappointing start to the week are listed below. Here's why they are lower:

The Ardent Leisure Group (ASX: AAD) share price has tumbled almost 4% to $1.91. Last week's trading update appears to have disappointed brokers, with a number of research notes taking a bearish tone. Analysts at Citi have slashed their price target on its shares to just $1.25. As I have said before, I expect its shares to remain volatile for some time to come, but could still prove to be a good long-term play.

The Aveo Group (ASX: AOG) share price has fallen 9% to $2.77 after ABC's Four Corners and the Fairfax Media found that the retirement community manager is charging elderly residents high fees and using complex legal contracts. Aveo responded to the report this morning with an answer to the 29 questions raised by the investigation.

The SKY and Space Global Ltd (ASX: SAS) share price has plunged 14% to 21 cents even though there was positive news out of the communications infrastructure company. Following the successful launch of its nano-satellites on Friday, this morning it advised that its satellites are well-positioned in orbit and functioning according to plan. With its shares up over 160% year-to-date, I suspect today's decline is attributable to profit-taking.

The Sky Network Television Ltd (ASX: SKT) share price has dropped 3% to $3.14 after the New Zealand-based entertainment company announced the termination of its merger with Vodafone New Zealand. The two parties will instead work together to strengthen their commercial relationship for the benefit of their respective customers and shareholders.

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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