Morning Market Losers

Biostar Pharmaceuticals BSPM plummeted 18.50% to $2.42 after the company announced the execution of agreement for $4.1 million registered direct offering of shares of common stock and warrants. NewLead Holdings NEWL dropped 8.29% to $3.87 after the company announced the placement of $25.0 million perpetual preferred equity. Elecsys ESYS dropped 6.60% to $14.15 on Q3 results. Elecsys posted its quarterly net income of $569,000, or $0.14 per share. Walter Energy WLT shares declined 6.41% to $9.78 after the company commenced process to amend credit facility. Cliffs Natural Resources CLF dropped 6.27% to $17.48 after the company confirmed the receipt of director nominations by Casablanca Capital. Axiom initiated coverage on the stock with a Sell rating and a $10.00 price target.