Morning Market Losers

Top Ships (NASDAQ: TOPS) shares dropped 36.21% to $1.85 after the company announced the pricing of offering at $2 per share. Rally Software Development (NYSE: RALY) shares fell 23.90% to $9.30 after the company eported downbeat fiscal first-quarter revenue and issued a weak revenue outlook. Rally Software reported an adjusted loss of $0.27 per share on revenue of $19.4 million. However, analysts were estimating a loss of $0.50 per share on revenue of $19.6 million. Vertex Energy (NASDAQ: VTNR) slipped 11.47% to $9.80 after the company announced a $17.1 million private placement.Hertz Global Holdings (NYSE: HTZ) declined 11.33% to $27.04. Hertz Global said it will amend 10-K to correct errors. Sears Hometown and Outlet Stores (NASDAQ: SHOS) shares declined 8.89% to $20.50 after the company reported its Q1 earnings of $0.16 per share on revenue of $589.90 million.Novavax (NASDAQ: NVAX) tumbled 8.18% to $4.15 after the company priced 25 million shares at $4.00 per share. Diamond Foods (NASDAQ: DMND) shares declined 7.26% to $30.90 after the company reported downbeat fiscal third-quarter earnings. Diamond Foods posted its adjusted earnings of $0.11 per share on revenue of $190.9 million. Analysts were projecting earnings of $0.17 per share on revenue of $191.7 million.SeaChange International (NASDAQ: SEAC) tumbled 6.78% to $8.67 after the company reported a wider-than-expected first-quarter loss and issued a weak forecast. The company posted an adjusted loss of $0.22 per share on revenue of $24.3 million. However, analysts were expecting a loss of $0.03 per share on revenue of $30.6 million.