Today's Big Losers: KLAC, HIG, SOLR, LYV, SPEX, CECO
Tuesday, September 07, 2021 2:53 PM

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KLA-Tencor (NASDAQ: KLAC) slumped more than 5% after Barclays Capital downgraded its rating on the company to Equalweight from Overweight and lowered its price target to $30 from $45. 

Hartford Financial Services Group Inc. (NYSE: HIG) fell more than 3% after the U.S. Treasury Department said that it intends to sell warrant positions in the insurer over the next several weeks. The government received the warrants when it made investments in the company under the Capital Purchase Program.

GT Solar International, Inc. (NASDAQ: SOLR) plunged more than 9% after it announced a secondary offering of 10,000,000 shares of its common stock by one selling stockholder, GT Solar Holdings, LLC, pursuant to a shelf registration statement filed with the Securities and Exchange Commission. The selling stockholder has also granted the underwriters an option to purchase a maximum of 1,500,000 additional shares of common stock to cover over-allotments, if any. Concurrently with this offering, the selling stockholder has entered into agreements to sell up to 15,000,000 additional shares of the Company's common stock to UBS Securities LLC and one of its affiliates in connection with an offering by UBS AG of its Mandatorily Exchangeable Notes due 2013. GT Solar International, Inc. will not receive any proceeds from either transaction but will pay the expenses of the selling stockholder.

Shares of Live Nation Entertainment, Inc. (NYSE: LYV) tumbled more than 6% after Stifel Nicolaus cut its rating on the company to Hold from Buy. 

Spherix Inc. (NASDAQ: SPEX) sank as much as 29% on Tuesday, a trading day after the company filed to raise additional cash through a stock offering, totaling as much as $10 million. The company intends to use net proceeds to fund its operations and to continue the development of D-tagatose, Spherix's proprietary low-caloric sweetener that was originally developed to treat Type 2 diabetes but is now also being explored as a potential treatment for high triglycerides. 

Career Education Corp. (NASDAQ: CECO) slumped dropped more than 3% after BofA/Merrill lowered its rating on the company to Neutral from Buy.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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