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

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gain and has tumbled over 0.3% to 5,769 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 Bellamy’s Australia Ltd (ASX: BAL) share price has tumbled 5% to $20.52 amid concerns that the infant formula company could lose market share to Nestle’s new a2-protein only infant formula launch. While I think this has been an overreaction, considering the premium its shares trade at, I can’t say I’m too surprised by the sell-off.

The MyFiziq Ltd (ASX: MYQ) share price has plunged 28% to 46.5 cents after the fitness technology company sensationally retracted two announcements from December which included links to research notes by Red Leaf Securities. These reports, which were commissioned by MyFiziq, included “material errors” in its forecasts. Management has stated that the reports should be disregarded and investors should not rely on the retracted information for their investment decisions. MyFiziq looks like one to avoid now.

The Reckon Limited (ASX: RKN) share price has sunk 7% lower to $1.30 after the ACCC advised that it has concerns with the proposed takeover by Myob Group Ltd (ASX: MYO). According to the release, the ACCC has stated: “If MYOB acquired Reckon’s Accountants Group, it would likely be the only supplier of practice software suitable for medium to large accounting firms. If MYOB has a monopoly on this software, it would substantially lessen competition. We think there’s a significant risk for customers that prices will increase and service levels will decrease.”

The Retail Food Group Limited (ASX: RFG) share price has continued its poor run and is down a further 5.5% to 96.7 cents. At one stage its shares dropped to a multi-year low of 96 cents as investors continue to head to the exits amid concerns over the future viability of the embattled food and beverage company.

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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 Scott Phillips.

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