STEC (STEC) Down 24% After Multiple Downgrades
Shares of STEC, Inc. (Nasdaq: STEC) plunged nearly 30% to a low of $9.47 Wednesday morning, a day after the company warned that inventory carryover at EMC Corp. (NYSE: EMC) was a continuing drag on the company's sales.
After breaking the news, the company's shares received numerous downgrades.
JP Morgan (NYSE: JPM) lowered its rating of STEC from Overweight to Neutral and its price target from $42 to $12.50.
Deutsche Bank (NYSE: DB) downgraded the stock from Buy to Hold.
Thomas Weisel (Nasdaq: TWPG) downgraded the stock from Overweight to Market Weight.
Northland Securities downgraded the stock from Outperform to Market Perform.
The stock was down 24% to $10.07 just before noon on Wednesday.
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