The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has faded slightly but is still on course to finish the day with a move higher. At the time of writing the benchmark index is up 0.2% to 5,842.7 points.
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 Blue Sky Alternative Investments Ltd (ASX: BLA) share price has plunged 23% to $4.05 after the embattled investment company downgraded its full-year guidance. Due to negative market sentiment the company believes it may be unable to make new investments in the short term and that could adversely affect its ability to generate fees. Underlying net profit after tax guidance has been downgraded to between $20 million and $25 million from $34 million and $36 million.
The Perpetual Limited (ASX: PPT) share price has fallen 4% to $42.61. This morning Perpetual provided the market with its latest funds under management (FUM) update. According to the release, FUMs were at $30.2 billion at the end of March, a decrease of $2.6 billion on the prior quarter. A combination of market depreciation and net outflows from the institutional channel led to the decline.
The Seven West Media Ltd (ASX: SWM) share price has given back almost all last week's gains after falling 9.5% to 52.6 cents. This morning a note out of UBS revealed that its analysts have retained their neutral rating but slashed the price target on its shares from 70 cents to 60 cents. Although it expects a lift from the cricket rights, it expects these to be offset by weaker print earnings.
The Webjet Limited (ASX: WEB) share price has fallen 4% to $10.38. This morning the online travel agent advised that its CFO, Michael Sheehy, is leaving to pursue other opportunities. The company has acted fast and announced that Tony Ristevski will take over the role next month. Mr Ristevski was previously the CFO of Technology One Limited (ASX: TNE).
