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Ellie Mae (ELLI -8.9%) is finishing the day with big losses thanks to a downgrade to Market...

Ellie Mae (ELLI -8.9%) is finishing the day with big losses thanks to a downgrade to Market Perform from William Blair's Brandon Dobell, who worries a high penetration rate for the company's mortgage-processing software will limit bookings growth. Dobell is also concerned an expected decline mortgage refinancings will more than offset the impact of a housing recovery, and sees customer conversions to Ellie Mae's subscription-based cloud software slowing down.
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