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Rubicon Project Stock Plummets, Downgraded After Weak Outlook

NEW YORK (TheStreet) -- Shares of Rubicon Project (RUBI) were tumbling 32.41% to $9.24 on heavy trading volume mid-afternoon Wednesday after the advertising tech company posted solid second quarter results, but gave a downbeat forecast and was downgraded by several firms.

Raymond James cut its rating on shares to "market perform" from "outperform" this morning. The firm cited increasing headwinds for desktop advertising following the company's second quarter results, the Fly reports.

Additionally, the firm expects Rubicon's sales to remain pressured through the end of 2016 and into...