Twilio stock plunges toward 4 1/2-year low, kudos to BofA’s Funk for pre-results double downgrade

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Shares of Twilio Inc. TWLO, -34.61% plummeted 23.5% toward a 4 1/2-year low in premarket trading Friday, after the customer communications software company reported a large third-quarter net loss and provided a downbeat fourth-quarter outlook. The stock is on track to open at the lowest price seen during regular-session hours since May 2018, and to suffer the biggest one-day drop since it lost 26.3% on May 3, 2017. Kudos to BofA Securities analyst Michael Funk, who double downgraded Twilio, warning investors to sell a day before the results were released. Even before the post-results selloff, Twilio’s stock had tumbled 75.2% year to date through Thursday, while the S&P 500 SPX, +1.36% had lost 22.0%.

This article was originally published by Marketwatch.com. Read the original article here.

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