Benzinga's Top #PreMarket Losers

International Business Machines Corp. IBM shares declined 5.06 percent to $164.46 in pre-market trading. IBM reported better-than-expected earnings for its second quarter, but the company's revenue missed analysts' estimates. Tesla Motors Inc TSLA shares dropped 3.99 percent to $271.00 in pre-market. UBS analyst Colin Langan downgraded the rating on Tesla Motors from Neutral to Sell, while lowering the price target from $220 to $210. Exelixis, Inc. EXEL shares fell 3.57 percent to $5.67 in pre-market trading after surging 50.38 percent on Monday. Microchip Technology Inc. MCHP shares tumbled 1.68 percent to $43.25 in pre-market trading. On Monday, Micrel announced its intent to delist from the NASDAQ. eBay Inc EBAY fell 1.16 percent to $28.24 in pre-market trading. Stifel analyst Scott W. Devitt downgraded eBay from Buy to Hold.