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Morning Market Losers

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Ocean Power Technologies (NASDAQ: OPTT) shares dropped 25.56% to $1.14. Form 8-K from Ocean Power Tech showed that Unit Victorian Wave Partners has terminated funding deed.

Lorillard (NYSE: LO) shares slipped 7.07% to $62.47 after Reynolds American (NYSE: RAI) agreed to acquire Lorillard in a cash-and-stock transaction valued at $27.4 billion, including the assumption of net debt.

StemCells (NASDAQ: STEM) shares dropped 6.46% to $1.89 after the company announced a proposed $20 million offering.

Michael Kors Holdings (NYSE: KORS) shares fell 5.43% to $81.02 after falling 6.02% over the past week.

Aaron's (NYSE: AAN) shares fell 4.32% to $32.08 after the company lowered its Q2 forecast.

Tuniu (NASDAQ: TOUR) shares declined 2.76% to $18.29 after jumping 8.04% on Monday.

Reynolds American (NYSE: RAI) fell 2.39% to $61.67 after the company agreed to buy Lorillard.

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