Shake Shack Shares Slip on Morgan Stanley Downgrade; Stocks Fall on Greece

U.S. stocks extended losses in midday trading after European leaders failed to reach a debt agreement with Greece at Tuesday's Eurogroup meeting in Brussels. Greece Prime Minister Alexis Tsipras, armed with his ‘no’ vote victory in Sunday's referendum, met with European leaders in Brussels but didn't submit a new proposal, according to reports. Eurogroup President Jeroen Dijsselbloem told reporters in Brussels there is ‘a great sense of urgency’ to come to a resolution and he is waiting to hear new proposals from Greek officials. Greek banks have days of liquidity left. Providing solvency to Greece's system is top of mind during Tuesday's discussions. Crude prices fell 3.1 percent to $50.89 a barrel, after falling 7.7 percent on Monday. Shake Shack (SHAK) was downgraded by Morgan Stanley to UNDERWEIGHT from EQUAL WEIGHT. The analysts said the stock was overvalued. Shares fell 10 percent.