NVIDIA Sharply Lower After Downgrade

NVIDIA Corporation NVDA shares are trading lower by $5.00 at $103.38 in Tuesday's session.

The catalyst for the decline is a downgrade from Pacific Crest to an Underweight rating.

Nvidia's stock, which had been struggling at the $110.00 area over the last three sessions, is now trading much closer to $100.00. After a lower open, it managed a brief bounce to $103.83 that was well shy of the lower-end of Monday's range ($107.42) before continuing its move lower.

The ensuing decline has taken the stock to $102.42 and it's attempting to remain in the $103.00 handle. That low coincides with its March 16 low of $102.41.