5 of Last Week's Biggest Losers
There's never a shortage of losers in the stock market.
Let's take a closer look at five of this past week's biggest sinkers.
Palo Alto Networks
Skullcandy has been more skull than candy since going public two summers ago. The maker of edgy headphones and other listening accessories got quieter after Jefferies analyst Randal Konik slashed his rating on the stock. He is also cutting his target price on the stock from $17 to $6. Ouch!
There were no hoorays for Accuray after it announced disappointing preliminary quarterly results. The maker of radiation oncology equipment sees second-quarter revenue of no more than $75 million, well short of both the $94 million that analysts were expecting and the $106 million that it rang up a year earlier. Accuray expects to shave roughly $40 million in annual overhead after shaving its workforce by 13%, but that's the troublesome sign of a company in retreat.
Mellanox stumbled after revising its quarterly revenue target lower. The server connectivity specialist is now eyeing $119 million to $121 million in its latest quarter, as weak demand and a cabling issue slowed orders. Mellanox was originally forecasting as much as $150 million in revenue.
Cyclacel Pharmaceuticals took a hit after Tang Capital Partners exchanged convertible preferred stock into 631,561 shares of its common stock. The move will help lower the biotech's interest expense exposure, though the dilutive nature of the swap didn't sit well with investors.
Palo Alto slipped to fresh lows despite winning over an analyst. Topeka Capital Markets initiated coverage of the networking security solutions provider with a buy rating, and a robust price target of $65.
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The article 5 of Last Week's Biggest Losers originally appeared on Fool.com.Longtime Fool contributor Rick Aristotle Munarriz has no position in any stocks mentioned. The Motley Fool owns shares of Skullcandy. Try any of our Foolish newsletter services free for 30 days. 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.
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