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

It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has followed U.S. markets lower and is down 0.4% at 6,277.2 points.

Four shares that have fallen more than most today are listed below. Here’s why they are starting the week in the red:

The Ardent Leisure Group (ASX: AAD) share price has fallen 4% to $1.93 after the entertainment company released a trading update. According to the release, the Dreamworld operator expects to report revenue of between $545 million and $550 million in FY 2018. This compares to $585 million in FY 2017. Furthermore, due to non-cash valuation adjustments and impairment charges totalling $117 million, management expects to post a loss after tax in the range of $84 million and $94 million.

The HUB24 Ltd (ASX: HUB) share price has continued its slide and is down a further 5% to $11.44. The fintech company’s shares have lost 20% of their value in less than two weeks amid concerns that a price war is brewing between many of Australia’s leading investment management platform providers.

The Sandfire Resources NL (ASX: SFR) share price has plunged over 8% to $7.49 after the diversified miner was the subject of a number of broker notes. One that stood out and could be the catalyst for today’s decline is a note out of UBS declaring it a sell with a lowered price target of $7.20. While last week’s production result was ahead of its expectations, it doesn’t appear convinced that the level of production will be maintained in FY 2019.

The Syrah Resources Ltd (ASX: SYR) share price is down 6% to $2.93 following the release of its quarterly update. Although production increased in the second quarter of 2018, it won’t be enough for Syrah to meet its full-year guidance. In addition to this, Syrah has only managed to sell 72% of its production and at a lower price than inferred by external price reporters.

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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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