It hasn't been a great end to the week for local investors with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) falling 0.2% to 5,905 points.
The materials, consumer staples and energy sectors have been the biggest drags on the market today, while stronger performances have come from the information technology, healthcare, and utilities sectors.
Four shares that are really feeling the pressure today, include:
ResMed Inc. (CHESS) (ASX: RMD)
The ResMed share price has dropped more than 3.4% today after the sleep apnoea company's third-quarter results came in slightly below market expectations. Revenues increased by 13% to US$514 million during the quarter, however profits were crimped by rising administration costs and expenses associated with its recent acquisition of Brightree. Despite today's fall, ResMed shares have still gained around 20% over the last 12 months.
Platinum Asset Management Limited (ASX: PTM)
The Platinum Asset Management share price has plunged more than 5.6% today after the fund manager announced a number of new initiatives aimed at attracting new investors. Along with the launch of two new exchange traded managed funds, the company will also be lowering the standard management fees on some of its funds from 1.5% to 1.35% p.a. However, Platinum has warned that FY18 revenues could fall by as much as 9% if the lower fee structure is not offset by new fees on the new products or other net inflows.
Select Harvests Limited (ASX: SHV)
The Select Harvests share price has plunged more than 8.3% today after a disappointing crop update. Unfortunately, the 2017 crop forecast is 5% to 10% below expectations as a result of higher-than-normal blank nut percentages in some orchards. On a more positive note, the company did note that the demand for almonds remains strong and that almond prices have stabilised with 65% of this year's crop already committed in the price range of $7.50-$8.00/kg.
Ten Network Holdings Limited (ASX: TEN)
The Ten Network share price has crashed by more than 20% today after a media analyst at Credit Suisse described the company as "un-investable". It comes on the back of yesterday's half-year result that revealed a $232 million loss and raised concerns around the survival of the television broadcaster. Ten is now at the mercy of its three largest shareholders who are now waiting to see if the business will improve before they stump up more cash or guarantee another loan.
