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Wayfair (W) Stock Stumbles, Downgraded After Q2 Results

NEW YORK (TheStreet) -- Shares of Wayfair (W) were falling 7.01% to $36.08 on heavy trading volume late Wednesday morning as the company was downgraded after its larger-than-expected loss for the 2016 second quarter yesterday.

Bank of America/Merrill Lynch cut its rating on shares to "neutral" from "buy" this morning, the Fly reports. The firm also reduced its price target to $45 from $54.

BofA/Merrill said the second-quarter report showed a trend reversal with slowing revenue and order growth in the second half of the year...