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Morning Market Losers

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Meridian Interstate Bancorp (NASDAQ: EBSB) shares tumbled 58.73% to $10.49 after the company announced the closing of stock offering and completion of conversion transaction.

Galectin Therapeutics (NASDAQ: GALT) dropped 47.87% to $7.58 following the release of 8-K. Form 8-K from Galectin showed that GR-MD-02 was safe.

Targacept (NASDAQ: TRGT) shares fell 26.79% to $2.87 after the company announced its plans to discontinue TC-5214 overactive bladder program.

Alliance Fiber Optic Products (NASDAQ: AFOP) shares dropped 15.61% to $14.00 after the company reported downbeat Q2 revenue. B Riley downgraded Alliance Fiber Optic Products from Buy to Neutral and lowered the price target from $22.00 to $18.00.

Impax Laboratories (NASDAQ: IPXL) dipped 14.84% to $23.87 after the FDA issued a Form 483 with 10 inspectional observations for Impax Taiwan plant.

GrafTech International (NYSE: GTI) shares declined 12.58% to $8.41 after the company reported a Q2 loss of $0.05 on revenue of $284.0 million.

Herbalife (NYSE: HLF) fell 10.66% to $60.29 after the company reported downbeat second-quarter results and issued a weak forecast for the third quarter. However, the company lifted its profit outlook for the year.

El Pollo Loco Holdings (NASDAQ: LOCO) dipped 10.50% to $30.86 after surging 43.49% on Monday.

Horizon Pharma (NASDAQ: HZNP) declined 8.20% to $8.40. Piper Jaffray downgraded Horizon Pharma from Overweight to Neutral and lowered the price target from $22.00 to $9.00. Horizon Pharma is expected to report Q2 financial results on August 7, 2014.

TCP Capital (NASDAQ: TCPC) shares slipped 3.21% to $17.20 after the company announced a public offering of 5.4 million common shares.

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