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

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a strong start to the week and finds itself up almost 0.6% to 6,085 points in afternoon trade.

Unfortunately not all shares have been able to follow the market higher today. Here’s why these four shares are starting the week in the red:

The Atlas Iron Limited (ASX: AGO) share price has tumbled 16% to 2.6 cents following the release of its quarterly update. The market appears to be disappointed with Atlas Iron’s 9% increase in cash costs during the quarter. Full cash costs have risen to $59 per wet metric tonne according to the latest release. One positive is that the company plans to pay down $20 million of debt in the coming days.

The Hydroponics Company Ltd (ASX: THC) share price has tumbled 4% to 82.5 cents. With no news out of the medicinal cannabis company today, I suspect this decline is a case of profit taking. After all, its shares were up almost 26% over the space of a month prior to today.

The MyFiziq Ltd (ASX: MYQ) share price has fallen 7% to $1.28 following the release of the technology company’s quarterly update. The company reported $1.8 million in revenue from licence payments and app development for the quarter. Judging by the share price reaction, investors may have concerns that MyFiziq may not be able to monetise its technology as lucratively as first thought.

The Northern Star Resources Ltd (ASX: NST) share price is down almost 6% to $5.90. Although almost all Australian gold miners have sunk lower today following a drop in the gold price, Northern Star has fallen more than most due to being on the wrong end of a broker downgrade. According to a note out of Credit Suisse, its analysts have downgraded the miner to an underperform rating with a $4.55 price target.

I think investors ought to avoid Northern Star and the rest of the gold miners and consider one of these high flying growth shares instead.

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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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