In Monday trading, market indexes were in the red despite better-than-expected U.S. economic growth data.
Shares of Advanced Micro Devices Inc. (AMD, Financial) fell 9% after analysts at Morgan Stanley downgraded the company to overweight and lowered the price target to $8 from $11. Shares have lost around 5% year to date. On Oct. 24, the company reported disappointing quarterly results.
J.C. Penney Co. Inc.Ă‚ (JCP, Financial) tumbled almost 10% on the back of a disappointing perfomance update. Analysts at Citi downgraded the company to sell and cut the price target to $1.50 from $3. The decision was based on its high debt. Further, Susquehanna also downgraded the stock to neutral from positive and lowered the price target to $3 from $6.50. The company will report its third-quarter financial results on Nov. 10.
On Oct. 30, AMC Entertainment Holdings Inc.'s (AMC, Financial) board of directors declared a dividend for the quarter ended Sept. 30 of 20 cents per share for its class A and class B common stock. The stock fell more than 5% on Monday.
Goldman Sachs downgraded General Motors Co. (GM, Financial) to sell from neutral since future earnings will take a downturn in 2018. The automaker is facing cyclical pressure. The stock lost 2.84% on Monday.Â
In other news, Iconix Brand Group Inc. (ICON, Financial) shares plummeted 62.32% after the company announced its DanskinNow brand will no longer be sold in Walmart stores and warned it could possibly be in violation of certain debt covenants in 2018. The company expects royalty revenue for the Danskin brand to decline by approximately $15.5 million next year.
Disclosure: The author holds no position in any stocks mentioned.
