T rackpad-maker Synaptics continues to be battered by Wall Street, falling nearly 5 percent in pre-market trading Thursday after being downgraded by two brokers.
A report Monday from Bear Stearns revealed that Apple ceased Synapticsi products in its latest PowerBooks, a sign that it might also be withdrawing its iBook and iPod business from Synapticsi hands.
On Thursday morning, both Bear Stearns and First Albany Capital downgraded the stock. Andrew Neff, of Bear Stearns, cut Synaptics to "peer perform" from "outperform" while First Capital analyst Joel Wagonfield lowered Synaptics to "neutral" from "buy," MarketWatch notes. Both brokers believe that Apple may end its relationship with Synaptics completely. Appleis business accounts for 30 to 35 percent of Syapticsi revenues.
Shares of Synaptics, which ended last week around $40, are set to open today below $25.