Hawaiian Holdings Crushed After Downgrade

Hawaiian Holdings, Inc. HA shares are trading lower by $5.70 (10 percent) at $48.95 in Wednesday's session.

The catalyst for the sharp decline came from Stifel, who lowered its rating from Hold to Sell and reduced the price target from $60.00 to $40.00.

After a much lower open, Hawaiian Holdings had only a 30-cent rally to $51.50 before continuing its mover lower. So far, the ensuing decline has taken the stock to $48.30 and it's now attempting to reenter the $49.00 handle.

The current low falls in between its April 18 ($48.00) and April 19 lows ($48.77).