Morning Market Losers

Mechel OAO MTL shares tumbled 22.85% to $0.79 on continued concerns of bankruptcy. Merus Labs International MSLI declined 16.57% to $1.51 after the company announced the resignation of its CEO Elie Farah. ALCO Stores ALCS dropped 14.58% to $5.04. ALCO reports Q2 loss from continuing operations of $7 million on sales of $110.7 million. It has engaged Houlihan Lokey Capital as a financial advisor and announced the resignation of interim CFO Mimchael Juniper. Ascena Retail Group ASNA shares slipped 14.58% to $14.12 after the company reported downbeat fourth-quarter earnings and issued a weak outlook. Avanir Pharmaceuticals AVNR declined 4.10% to $10.75 after the company announced an offering of $200 million of common stock. CarMax KMX shares dropped 7.84% to $48.67 after the company reported downbeat fiscal second-quarter profit. Shire plc SHPG shares declined 3.07% to $248.43 on proposed new US rules affecting tax inversion deals. AbbVie ABBV shares fell 2.91% to $57.00 after gaining 1.35% over the past five days.