$SKUL - Skullcandy crashes on forecast, downgrades
9:41 AM ET 3/8/13 | Marketwatch
SAN FRANCISCO (MarketWatch) -- Skullcandy shares crashed more than 16% to $5.59 in early trades on Friday after the headphone maker projected a loss for the first quarter and warned of a sales decline for the full year as it works to revamp its business. The warning caused at least four brokers, including Bank of America/Merrill Lynch, Piper Jaffray, Raymond James and D.A. Davidson, to downgrade Skullcandy to sell ratings while three others lowered their ratings to neutral. Robert Ohmes of BofA cited "a lack of earnings visibility and expected earnings uncertainty over the next two years" as the reason for his downgrade. The disclosures were made as part of Skullcandy's fourth-quarter earnings report on Thursday afternoon.
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