It has been a disappointing end to the week for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down a disappointing 0.8% to 5,734 points.
Four shares which have made notable declines today are listed below. Here's why they are ending the week in the red:
The CSG Limited (ASX: CSV) share price has fallen 5% to a 52-week low of 53 cents following the release of yet another disappointing earnings result. The IT services company reported underlying net profit after tax before customer contract amortisation of $19.4 million, down 24% on FY 2016. Earnings are expected to fall slightly next year as the company increases operating expenditures in order to achieve its long term growth objectives. I would suggest investors avoid CSG.
The iCar Asia Ltd (ASX: ICQ) share price has tumbled 6% to 23 cents after the automotive classifieds website operator reported a loss of $7.1 million. This means that its loss has ballooned 11% from a year earlier. Unfortunately iCar looks to be a long way from turning a profit, making it another one to avoid in my opinion.
The Vita Group Limited (ASX: VTG) share price has fallen 5% to $1.75 after the retailer announced its full-year results. Despite the issues it has faced this year, Vita delivered an 11% increase in underlying net profit after tax to $39 million and lifted its dividend 16% to a fully franked 16.6 cents per share. While this is a massive 9.1% yield, I wouldn't be a buyer given the changes being made to its remuneration.
The Whitehaven Coal Ltd (ASX: WHC) share price is down 4% to $3.15. A day after the coal miner announced its bumper profit result. Today's decline appears to be related to a research note out of Deutsche Bank this morning. The broker cut its price target on Whitehaven's shares to $2.60, implying potential downside of over 17% for its shares.
