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

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from a series of declines and is on course to finish the week on a positive note. At the time of writing the benchmark index is up 0.4% to 6,269.7 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are ending the week in the red:

The Appen Ltd (ASX: APX) share price has fallen over 5% to $13.69 after the tech company responded to an ASX price query late yesterday. The company advised that it didn’t know why its shares had rocketed higher this week and confirmed that its half year results were in line with the market’s expectation. There was no comment on its full year guidance, however, which many have tipped to be lifted higher next week when it releases its interim results.

The Costa Group Holdings Ltd (ASX: CGC) share price has fallen 9.5% to $7.91 despite releasing a strong full year result this morning. Costa posted revenue growth of 10.2% to $1,002 million and NPAT before SGARA and material items growth of 26.3% to $76.7 million. The company’s FY 2019 guidance of low double-digit growth in NPAT before SGARA may have been a touch below expectations.

The Flight Centre Travel Group Ltd (ASX: FLT) share price has tumbled a further 6% to $57.98 a day after the release of its full year results. While its results fell short of expectations, the main driver of this decline could be an ABC investigation which unearthed staff claims of customer rip-offs and a toxic culture. I would stay clear of Flight Centre for the time being.

The WiseTech Global Ltd (ASX: WTC) share price has given back some of its recent gains and is down a sizeable 15% to $20.11. It appears that many shareholders are doing the sensible thing and taking profit after WiseTech Global’s shares rocketed higher this week. Prior to today’s decline, the logistics platform provider’s shares were up as much as 51% in the space of just two days. Although I am a huge fan of the company, I still feel its shares are expensive even after today’s pull back.

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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 and has recommended COSTA GRP FPO and Flight Centre Travel Group Limited. The Motley Fool Australia owns shares of Appen Ltd and 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 Scott Phillips.

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