The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to defy the U.S. market sell-off and is mostly flat at 5,760 points in afternoon trade.
Four shares that have acted as a drag on the market today are listed below. Here's why they have started the week in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen 4.5% to $6.15 despite there being no news out of the fintech company. Investors appear concerned about how Afterpay will perform when rates and bad debts rise. In addition to this, as almost a third of its revenue is generated from late fees, there are questions over the quality of its credit checks.
The Aristocrat Leisure Limited (ASX: ALL) share price has tumbled 3% to $23.31 after its US-based Big Fish business was dealt a blow in court. According to court documents, an appeals court in the United States has overturned a lower court's ruling which dismissed a case claiming that the company's Big Fish Casino constituted illegal gambling under Washington state law. As this ruling is only in one state, I wouldn't be overly concerned just yet.
The Transurban Group (ASX: TCL) share price is down 2% to $11.19. A number of bond proxies have dropped lower today after US treasury yields ticked higher following the release of strong manufacturing data overnight. While I think Transurban is a quality company, I wouldn't be a buyer in the current environment.
The Updater Inc (ASX: UPD) share price has plunged 7% to $1.14. The US-based relocation technology company appears to have been caught up in the tech sell-off due to all its operations being based in the US market. One positive for shareholders, though, is that Foster stockbroking has slapped a buy recommendation on its shares and a price target range of $1.70 to $3.14.
