HTC Sinks to July 2010 Low as Brokerages Slash Ratings, Targets
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HTC Corp. fell for a sixth day as brokerages from Citigroup Inc. to Barclays Capital reduced their ratings after the largest seller of smartphones in the U.S. cut its sales forecast.
Shares of the Taoyuan, Taiwan-based company sank 6.9 percent to NT$489.5 as of 11:41 a.m. in Taipei, set for their lowest close since July 09, 2010, and extending a five-day, 24 percent plunge. The stock has dropped 61 percent from its record-high on April 28, erasing some $23 billion in value to leave the company with a market capitalization of about $14 billion, according to data compiled by Bloomberg.