Morning Market Losers

Meridian Interstate Bancorp EBSB shares tumbled 58.73% to $10.49 after the company announced the closing of stock offering and completion of conversion transaction. Galectin Therapeutics GALT dropped 47.87% to $7.58 following the release of 8-K. Form 8-K from Galectin showed that GR-MD-02 was safe. Targacept TRGT shares fell 26.79% to $2.87 after the company announced its plans to discontinue TC-5214 overactive bladder program. Alliance Fiber Optic Products AFOP shares dropped 15.61% to $14.00 after the company reported downbeat Q2 revenue. B Riley downgraded Alliance Fiber Optic Products from Buy to Neutral and lowered the price target from $22.00 to $18.00. Impax Laboratories IPXL dipped 14.84% to $23.87 after the FDA issued a Form 483 with 10 inspectional observations for Impax Taiwan plant. GrafTech International GTI shares declined 12.58% to $8.41 after the company reported a Q2 loss of $0.05 on revenue of $284.0 million. Herbalife HLF fell 10.66% to $60.29 after the company reported downbeat second-quarter results and issued a weak forecast for the third quarter. However, the company lifted its profit outlook for the year. El Pollo Loco Holdings LOCO dipped 10.50% to $30.86 after surging 43.49% on Monday. Horizon Pharma HZNP declined 8.20% to $8.40. Piper Jaffray downgraded Horizon Pharma from Overweight to Neutral and lowered the price target from $22.00 to $9.00. Horizon Pharma is expected to report Q2 financial results on August 7, 2014. TCP Capital TCPC shares slipped 3.21% to $17.20 after the company announced a public offering of 5.4 million common shares.