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Morning Market Losers

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American Apparel (NYSE: APP) shares declined 18.41% to $0.79 after the company announced Dov Charney's special meeting request is invalid. On Saturday, American Apparel adopted a one-year stockholder rights plan.

Tower Group International (NASDAQ: TWGP) shares fell 18.27% to $1.66. Tower Group shares have dropped 90.25% over the past 52 weeks, while the S&P 500 index has gained 21.42% in the same period.

Diversified Restaurant Holdings (NASDAQ: BAGR) slipped 14.71% to $4.69.

Sino-Global Shipping America (NASDAQ: SINO) shares tumbled 7.62% to $2.06. On Friday, Sino Global priced 572,000 share offering at $1.76 per share.

MBIA (NYSE: MBI) tumbled 4.26% to $11.00. BTIG Research downgraded MBIA from Buy to Neutral.

United States Steel (NYSE: X) shares dropped 1.58% to $25.61. Martin Marietta Materials (NYSE: MLM) will replace U.S. Steel in the S&P 500 index after the close of trading on July 1.

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