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

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a strong start to the week and finds itself up 0.6% to 5,848 points in afternoon trade.

Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they have started the week in the red

The Catapult Group International Ltd (ASX: CAT) share price has tumbled 2.5% to $1.54 despite there being no news out of the sports analytics company. Today’s decline is likely to be a case of profit taking following Friday’s strong gain.

The Myer Holdings Ltd (ASX: MYR) share price is down 1% to 74.2 cents after being downgraded by Citi. According to the note, the broker has downgraded its shares from a buy rating to neutral. Citi has also lowered the price target on the retailer’s shares to 74 cents. I would rate Myer as a sell given the potential impact of Amazon on its business.

The OceanaGold Corporation (ASX: OGC) share price has fallen almost 3% to $3.88. Today’s decline is likely to be related to a broker note out of Deutsche Bank which revealed that its analysts have downgraded the gold miner to a hold rating from buy. The price target has also been reduced to $3.70.

The Thorn Group Ltd (ASX: TGA) share price has plunged 18% to 95.5 cents after the financial services company downgraded its full-year profit guidance. Due partly to weakness in its Radio Rentals business, management expects full-year profit to be 30% lower than in FY 2017.

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Motley Fool contributor James Mickleboro has no position in any of the 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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