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

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.

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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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