RICHFIELD, Minn. (
) -- Discounters and wholesale clubs are weighing on
Tesla, FedEx, BlackBerry, Applovin, McAfee - 5 Things You Must Know
Investors weigh continued Fed support ahead of a batch of economic data; FedEx, Nike and BlackBerry report earnings; Tesla extends gains after stock has its best day in more than two months.
as shoppers look for deals on electronics.
As a result, the retailer was downgraded to neutral by Goldman Sachs and removed from its list of preferred stocks, sending shares down 4% to $38.03 in morning trading.
While the company is expected to gain market share from the elimination of Circuit City, analyst Matthew J. Fasslet cut the company to neutral from buy. Fassler said competition will be extremely tight from retailers like
Fassler's target is now $43 from $41.
In June, the company announced the appointment of its
, who plans to compete with these online and discount retailers by growing local market share
-- Reported by Jeanine Poggi in New York.
Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.