Sonic Solutions falls 16% on analyst downgrade to ‘neutral’

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Novato, Calif.-based Sonic Solutions Inc. (Nasdaq:SNIC) has dropped 16% today after analysts at J.P. Morgan downgraded the company before the opening to “neutral” from “overweight.” Sonic manufactures computer software for digital media. The downgrade was the result of declines in both consumer spending and consumer confidence.

Also ahead of the bell, Sonic announced it had inked a deal to offer a custom version of the company’s Roxio Buzz application to Toudou.com, a Chinese video-sharing Web site.

In today’s trading, Sonic shares are at $5.75 at 12:23 p.m. ET, down $1.09 from Tuesday’s close. During the past year, shares have ranged from $5.61 to $13.07.

For detailed price information and recent news stories about Sonic Solutions Inc., click SNIC.