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Webvan Group

(WBVN)

was down 36% to a new low of $1 at midmorning in the wake of Wednesday's report of widening losses.

Prudential downgraded the online grocer to sell from hold and sliced its price target to $1 from $8. The company reported a loss of 26 cents per share for the third quarter, up from 24 cents in the previous three months.

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