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Short Take: Merrill Lynch downgrades Iridium, stock slips

Merrill Lynch downgraded Iridium one day after the global satellite phone company's CFO resigned. The investment bank lowered its near-term rating to "neutral" from "accumulate" and its long-term recommendation to "accumulate" from "buy." Stock in the company, already down significantly on fears that Iridium could default on loan agreements for failing to meet performance goals, closed down 16 percent to 16.75, a new 52-week low.

    Merrill Lynch downgraded Iridium one day after the global satellite phone company's CFO resigned. The investment bank lowered its near-term rating to "neutral" from "accumulate" and its long-term recommendation to "accumulate" from "buy." Stock in the company, already down significantly on fears that Iridium could default on loan agreements for failing to meet performance goals, closed down 16 percent to 16.75, a new 52-week low.