Morning Market Losers

Exelixis EXEL shares tumbled 52.90% to $1.95 after the company announced its plans to lower around 70% of its workforce. The company reported that its phase 3 pivotal trial of cabozantinib did not meet primary endpoint. Conns CONN dropped 28.61% to $32.01 after the company reported weaker-than-expected second-quarter earnings and cut its full-year forecast. Aastrom Biosciences ASTM shares dipped 8.53% to $3.54. Finisar FNSR shares declined 5.22% to $19.25. Analysts at Jefferies downgraded Finisar from Buy to Hold and lowered the target price from $25 to $19. Select Income REIT SIR shares dropped 5.16% to $26.46. Select Income REIT announced its plans to acquire Cole Corporate Income Trust for $3 billion in a cash and stock deal. Elbit Imaging EMITF fell 2.02% to $3.88 after falling 3.04% on Friday. Newmont Mining NEM shares slipped 1.85% to $26.59 after the company reached a tentative deal with the Indonesian government over an export dispute.