Why First Majestic Silver, Siebert Financial, and CalAmp Slumped Today
Friday was a relatively quiet day on Wall Street, as major benchmarks finished close to where they started the day in lackluster pre-holiday trading. Investors largely caught their breath after a busy week that brought the passage of long-awaited tax reform laws. Although the market remains near record highs, a few companies had to deal with challenging situations that sent their share prices lower. First Majestic Silver (NYSE: AG), Siebert Financial (NASDAQ: SIEB), and CalAmp (NASDAQ: CAMP) were among the worst performers on the day. Below, we'll look more closely at these stocks to tell you why they did so poorly.
Shares of First Majestic Silver dropped 9% after the silver mining company got a negative write-up from stock analysts. BMO downgraded First Majestic from market perform to underperform, cutting its price target on the stock by 17% to the equivalent of about $5.90 per share. The move follows company updates on reserves and resources that the analysts found discouraging. Nevertheless, First Majestic remains one of the purest-play investments in silver, and if prices of the white metal rise, the stock should recover from recent losses.
Image source: First Majestic Silver.
Source: Fool.com