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

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.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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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