The S&P 500 (NYSE:SPY) is down today by 1.43% and stands at 1,267. Here are three notable and stocks that are experiencing large declines today.
MEMC Electronic Materials (NYSE:WFR): Auriga just downgraded MEMC to hold, and the stock is getting pummeled as a consequence. Augura cited price weakness of MEMC’s silicon wafers, as well as predicting that MEMC will cut its guidance for 2012 in the future. The stock is down 9.34%.
AK Steel Holding (NYSE:AKS): This steel company is exactly where it was before it announced its Q3 results, which brought the stock much lower, then it recovered nicely last week, only to settle back in to its current level today. AK Steel is being shorted a lot by investors, because the company did not provide guidance with its latest report. The stock is down 8.51%.
First Solar (NASDAQ:FSLR): Merrill Lynch is the latest group to downgrade First Solar. The government of Great Britain is proposing a 55% reduction in the price it pays for solar power, and seasonal demand has been below par for the solar industry as well. The stock is down 8.04%.
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