Morning Market Losers

Top Ships TOPS shares dropped 36.21% to $1.85 after the company announced the pricing of offering at $2 per share. Rally Software Development RALY shares fell 23.90% to $9.30 after the company eported downbeat fiscal first-quarter revenue and issued a weak revenue outlook. Rally Software reported an adjusted loss of $0.27 per share on revenue of $19.4 million. However, analysts were estimating a loss of $0.50 per share on revenue of $19.6 million. Vertex Energy VTNR slipped 11.47% to $9.80 after the company announced a $17.1 million private placement. Hertz Global Holdings HTZ declined 11.33% to $27.04. Hertz Global said it will amend 10-K to correct errors. Sears Hometown and Outlet Stores SHOS shares declined 8.89% to $20.50 after the company reported its Q1 earnings of $0.16 per share on revenue of $589.90 million. Novavax NVAX tumbled 8.18% to $4.15 after the company priced 25 million shares at $4.00 per share. Diamond Foods DMND shares declined 7.26% to $30.90 after the company reported downbeat fiscal third-quarter earnings. Diamond Foods posted its adjusted earnings of $0.11 per share on revenue of $190.9 million. Analysts were projecting earnings of $0.17 per share on revenue of $191.7 million. SeaChange International SEAC tumbled 6.78% to $8.67 after the company reported a wider-than-expected first-quarter loss and issued a weak forecast. The company posted an adjusted loss of $0.22 per share on revenue of $24.3 million. However, analysts were expecting a loss of $0.03 per share on revenue of $30.6 million.