Cray shares sink on stock downgradeShares of Cray Inc. plunged this morning after Northland Securities downgraded the company’s stock to “Market Perform” from “Outperform.” By 10 a.m. ET, Cray’s (Nasdaq: CRAY) shares had dropped by $2.36, or 19.3%, to $9.88. The stock has traded between $6.03 (on June 8) and $14.40 (on Feb. 23). Volume was heavy – with nearly 900,000 shares changing hands, compared with an average three-month daily volume of 269,000. For the first quarter ended March 31, the Seattle, Wash.-based company late Thursday posted a net loss of $800,000, or $0.03 per share, on revenue of $47.1 million, compared with a net loss of $5.3 million, or $0.24 per share, on revenue of $48.5 million. spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer spacer
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