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Why these ASX shares are ending the week in the red

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a positive note. At the time of writing the benchmark index is up 0.5% to 5,718.9 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 Ainsworth Game Technology Limited (ASX: AGI) share price has tumbled 8% to 88 cents after the gaming technology company released a trading update at its annual general meeting. According to the update, the company warned that revenues and profit before tax for its Australian segment will be materially lower for the first half of FY 2019 compared to the prior corresponding period. Management blamed highly competitive trading conditions and a decline in overall industry demand.

The Integrated Research Limited (ASX: IRI) share price has fallen a further 4.5% to $2.00. Earlier this week the company revealed that CEO John Merakovsky had handed in his resignation for personal reasons. It has since emerged that Mr Merakovsky has left the struggling tech company to join Wesfarmers Ltd (ASX: WES) subsidiary Flybuys as its new CEO.

The Orocobre Limited (ASX: ORE) share price is down 5% to $4.26 on the day of the lithium miner’s AGM. With many lithium miners storming notably higher this month, I suspect that profit taking may be weighing on Orocobre’s shares today. The good news for shareholders is that even after today’s decline its shares are still up 28% since the start of this month.

The Technology One Limited (ASX: TNE) share price has dropped 7.5% lower to $5.46 after reports claimed that the software company’s management team offloaded $44 million worth of shares on Thursday. Although the company has yet to confirm the AFR report, almost 10 million shares changed hands yesterday compared to the monthly average of around ~900,000 shares. Insider selling rarely goes down well with investors.

I would suggest investors avoid Technology One and check out these blue chip shares instead.

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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 Wesfarmers Limited. The Motley Fool Australia has recommended Integrated Research Limited. 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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