Smucker's Losing Streak Continues After Downgrade

J M Smucker Co SJM shares are trading lower by $1.20 at $128.20 in Monday's session. The catalyst for the decline is downgrade from Morgan Stanley, who lowered its rating on from Equal-Weight to Underweight.

The negative change has extended the stock's losing streak. From a shorter-term perspective, the issue is trading lower for the fifth day in a row. That would be a nine-day losing streak, if the stock hadn't been unchanged on April 3, when it matched its March 31 close of $131.08.

From a longer-term perspective, the stock has closed lower in 15 of its last 17 sessions, with the two outliers being the unchanged session along with a meager $0.25 gain on March 27. Over this time period, Smucker's stock has dropped from its March 14 close ($139.14) to $127.44 off today's opening bell. That marks its lowest level since it bottomed on January 10 at $127.00.

So far, the rebound off that low hasn't exceeded off the early morning high of $128.58. In order to fill the void in price and reach the lower-end of Friday's session, it would need to reach $129.29.