Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down sharply in afternoon trade, it has moved well off its Friday low. At the time of writing the index is down just 0.8% to 5,843 points.
Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:
The Big Un Ltd (ASX: BIG) share price has plunged 41% to $1.66. The video technology company has come under pressure today after a Fairfax Media investigation found that its customers were paying for its services with money advanced to it by a Sydney finance company. This has many in the market questioning the quality of its cash flows. This is undoubtedly a hugely disappointing development for shareholders.
The CSG Limited (ASX: CSV) share price is down 33% to 29 cents after releasing a trading update for FY 2018. According to the release, the company has revised its full-year guidance down to revenue in the range of $253 million to $260 million and underlying EBITDA between $18.5 million to $21 million. This compares to its previous guidance of revenue of $269 million and underlying EBITDA of $30 million. I would avoid CSG at all costs.
The Myer Holdings Ltd (ASX: MYR) share price is lower by 8.5% to 59 cents. This morning Myer advised that despite a 48.9% increase in online sales, it expects to report a 3.6% decline in total first-half sales to $1.7 billion. It also warned that it expects to make a non-cash impairment charge after assessing the carrying value of assets on the balance sheet.
The WiseTech Global Ltd (ASX: WTC) share price is down almost 6% to $13.44. A good number of shares trading on high price-to-earnings multiples have fallen hard today as bond yields widen. When bond yields widen investors are often less willing to pay over the odds for shares. I think a correction in the WiseTech Global share price was overdue. After all, even after today's decline it is still priced at over 85x estimated FY 2018 earnings.
