Diamond Foods stock falls after ratings downgrade
Diamond Foods Inc. hit its lowest price since 2006 after a ratings cut. Diamond restated two years’ worth of financial results on Wednesday, wiping $56.5 million in profit from its books. Jefferies, the investment bank, downgraded the snacks maker to “underperform” and slashed its price target to $10 from $27. The firm added that it anticipates Diamond’s results will get worse before they improve.