Canaccord and Raymond James pile on to GLG Life Tech (GLGL -7.5%), downgrading the shares a day late and a dollar short after yesterday's -41% plunge. Both firms cite the company's disappointing business update and near-term execution issues. Cannacord cuts the stock to a hold, while Raymond James reduces it to market perform.
Shares of GLG Life Tech (GLGL -41%) - manufacturer of zero-calorie, natural sweetener stevia - plummet after saying it will miss Q3 guidance. The company says the Chinese beverage industry has been "materially" weaker than expected, resulting in lower-than-expected Q3 sales, and it's been forced to delay certain product launches by an average of two months, further hurting FY11 revenue.