New home sales drop, markets tumble

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Sales of new homes dropped 7.6% in August to send the markets tumbling to a sharply lower close with the Dow plummeting 166 points to 18,094. Nasdaq plunged 48 points to 5,257. 


On the upside


Shares of Zynerba Pharmaceuticals (Nasdaq: ZYNE) climbed after competitor GW Pharmaceuticals (Nasdaq: GWPH) reported positive results from a second Phase 3 trial.


Lipocine (Nasdaq: LPCN) reported positive results from a Phase 2b study of the testosterone replacement therapy LPCN 1111.


Shares of Sophiris Bio (Nasdaq: SPHS) climbed for the third day.


On the downside


Stifel Nicolaus downgraded RetailMeNot (Nasdaq: SALE) from a Hold rating to a Sell rating.


The redemption rights of Acorda Therapeutics (Nasdaq: ACOR) regarding Biotie Therapies stock have been terminated.


Lands' End (Nasdaq: LE) chief executive Federica Marchionni resigned.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 dropped 18 points to 2,146. Bitcoin gained $5 to $605.

The markets extended its losses during the midday with the Dow plunging 150 points to 18,111 ahead of the first presidential debate. Nasdaq dropped 42 points to 5,263. 


Deutsche Bank denied rumors that it sought the assistance of the German government to intervene on its behalf with the U.S. Department of Justice. The Justice Department is seeking $14 billion to settle claims related to mortgage backed securities issued and underwritten by Deutsche Bank between 2005 and 2007. The German government has ruled out any assistance for the bank.


Another potential bidder for Twitter has surfaced. Disney is reportedly working with a financial advisor on a possible deal to acquire the social networking service. Twitter has struggled to expand its user base and is transitioning from a microblogging site to a media company with its live-streaming of NFL Thursday night football games.


OPEC members along with other oil exporters are meeting informally in Algeria this week during the International Energy Forum. Oil prices have plunged the past two years as crude oil output has climbed. To stabilize prices, oil producing nations must agree to production limits. Iran has indicated that an output agreement would be unlikely.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 tumbled 16 points to 2,148. Bitcoin climbed $5 to $605.

Markets tumble as OPEC meets

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The markets opened sharply lower with the Dow tumbling 113 points to 18,147 as OPEC met in Algiers. Nasdaq fell 28 points to 5,277. 


On the upside


Array BioPharma (Nasdaq: ARRY) reported positive results from Part 1 of a Phase 3 COLUMBUS study of LGX818 to treat patients with BRAF-mutant melanoma.


Chemtura (NYSE: CHMT) will be acquired by Laxness for a premium of approximately $2.5 billion.


GW Pharmaceuticals (Nasdaq: GWPH) reported positive results from a second Phase 3 pivotal trial for Epidiolex.


On the downside


The Food and Drug Administration issued a complete response letter to Pain Therapeutics (Nasdaq: PTIE) saying that its New Drug Application for Remoxy ER could not be approved in its current form.


DURECT (NYSE: DRRX) licensed to Pain Therapeutics (Nasdaq: PTIE) the exclusive right to develop and commercialize REMOXY ER.


The Motley Fool wrote that Himax Technologies (Nasdaq: HIMX) was the better buy in the virtual and augmented reality space.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 fell 9 points to 2,155. Bitcoin climbed $6 to $606.

Markets plunge as crude oil falls

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Falling crude oil prices sent the markets tumbling to a sharply lower close with the Dow plunging 131 points to 18,261. Nasdaq dropped 33 points to 5,305. 


On the upside


BioLineRx (Nasdaq: BLRX) signed an exclusive, global agreement with BGN Technologies, the Technology Transfer Company of Ben-Gurion Universioty and Hadasit for the in-licensing of the liver failure treatment BL-1220.


Shares of Apptio (Nasdaq: APTI) soared in its market debut.


AC Immune (Nasdaq: ACIU) stock surged on its first trading day.


On the downside


Digital Turbine (Nasdaq: APPS) priced its private placement of convertible senior notes.


Oshkosh (NYSE: OSK) warned of lower revenue in its access equipment segment for 2017.


Shares of Corbus Pharmaceuticals (Nasdaq: CRBP) continued to fall.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 dropped 12 points to 2,164. Bitcoin climbed $5 to $602

The markets traded lower during the midday with the Dow falling 66 points to 18,325. Nasdaq lost 14 points to 5,325. 


Saudi Arabia indicated that it was ready to lower oil production levels in order to increase oil prices. Riyadh offered to cut production if Iran capped its output at current levels. Tehran has not responded to the offer. OPEC will meet informally next week in Algiers.


McDonald's will test a breakfast Happy Meal next week. The kid-friendly option will be available at 73 restaurants in the Tulsa, Oklahoma area. The Happy Meal choices will include two McGriddles or an Egg & Cheese McMuffin. For side dishes, customers can choose between apple slices or yogurt.


Social media giant Facebook leveraged its enormous network to encourage users to register to vote. Users in the U.S. who are over 18 years old will see a reminder in their News Feed to register to vote. A link will be provided to the federal government's vote.USA.gov that will guide registrants through the registration process.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 lost 6 points to 2,170. Bitcoin rose $4 to $601.

Lower open as crude oil slips

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The markets opened lower with the Dow losing 48 points to 18,344 as crude oil prices slipped. Nasdaq fell 20 points to 5,318. 


On the upside


CNBC reported that Twitter (NYSE: TWTR) may soon be acquired.


Endo International (Nasdaq: ENDP) named Paul V. Campanelli to the position of president and chief executive officer.


Bloomberg News reported that Cisco Systems (Nasdaq: CSCO) and IBM (NYSE: IBM) were both interested in acquiring Imperva (NYSE: IMPV).


On the downside


Enphase Energy (Nasdaq: ENPH) priced its public offering of 13 million shares of common stock at the discounted price of $1.20 per share.


Profit taking weighed down shares of Tokai Pharmaceuticals (Nasdaq: TKAI).


Houghton Mifflin Harcourt (Nasdaq: HMHC) chief executive Linda K. Zecher resigned.


In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 fell 7 points to 2,169. Bitcoin added $2 to $598.

Higher close as jobless claims drop

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First time applications for unemployment benefits fell unexpectedly to boost the markets to a sharply higher close with the Dow climbing 98 points to 18,392. Nasdaq soared 44 points to 5,339. 


On the upside


Shares of SAExploration (Nasdaq: SAEX) surged on no news.


Caesars Entertainment (Nasdaq: CZR) offered as additional $1.6 billion to settle with its creditors.


Aegerion Pharmaceuticals (Nasdaq: AEGR) stock extended its gains.


On the downside


Shares of Axovant Sciences (NYSE: AXON) tumbled after rival Lundbeck reported disappointing results from a Phase III study of the Alzheimer's treatment idalopirdine.


OMNOVA Solutions (NYSE: OMN) reported third quarter earnings that fell short of expectations.


Investors locked in profits on Teck Resources (NYSE: TCK).


In the broad market, advancing issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 climbed 14 points to 2,177. Bitcoin held steady at $596.

Flybrix introduces Lego drones

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The markets traded higher during the midday with the Dow climbing 118 points to 18,412 as crude oil prices rose. Nasdaq gained 35 points to 5,330.


Startup Flybrix introduced two do-it-yourself kits to make drones using Legos. The basic package is priced at $189 and uses an app to control the drone. The deluxe model comes with a handheld controller and costs $249. Each kit includes 56 Lego pieces, a pre-programmed circuit board with LED lights, motors, and propellors.


China lifted a ban on beef imports from the United States that has been in place for 13 years. The beef embargo was imposed in 2013 in response to mad cow disease. China is the world's second largest buyer of beef and demand continues to grow.


Google partnered with MIT Media Lab to launch its Code Next tech lab in Oakland to increase the pool of minority workers in technology. The lab will provide after school programs to middle school students beginning in October. Students will be exposed to career and educational opportunities in computer science. More than half of Oakland residents are African American or Latino.


In the broad market, advancing issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 climbed 12 points to 2,175. Bitcoin added $1 to $597.

An unexpected drop in jobless claims lifted the markets to a sharply higher open with the Dow soaring 132 points to 18,426. Nasdaq climbed 30 points to 5,325 


On the upside


The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period for the proposed merger of Hutchinson Technology (Nasdaq: HTCH) with TDK.


WCI Communities (NYSE: WCIC) will be acquired by Lennar (NYSE: LEN) for a premium of approximately $643 million in cash and stock.


Anavex Life Sciences (Nasdaq: AVXL) reported positive preclinical data for ANAVEX 2-73 to treat Parkinson's disease in mice.


On the downside


Jabil Circuit (NYSE: JBL) reported sharply lower fourth quarter earnings as revenue fell.


First quarter earnings and revenue for Herman Miller (Nasdaq: MLHR) missed analyst estimates and the furniture maker forecast current quarter results below expectations.


Profit taking weighs down shares of Eleven Biotherapeutics (Nasdaq: EBIO).


In the broad market, advancing issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 climbed 12 points to 2,176. Bitcoin added $1 to $597.

Markets surge on steady rates

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The markets surged to close sharply higher with the Dow soaring 163 points to 18,293 after the Federal Reserve held interest rates steady. Nasdaq leaped 53 points to 5,295.


On the upside


Shares of Trade Desk (Nasdaq: TTD) surged in its market debut.


Bargain hunters lifted shares of Novavax (Nasdaq: NVAX).


Acquisition speculation sent shares of Galectin Therapeutics (Nasdaq: GALT) soaring.


On the downside


Amazon's (Nasdaq: AMZN) launch of its new Amazon Prints photo printing service sent shares of Shutterfly (Nasdaq: SFLY) plummeting.


Pacira Pharmaceuticals (Nasdaq: PCRX) launched EXPAREL to treat pain from a third molar extraction but the stock price tumbled.


Banc of California (NYSE: BANC) chief financial officer James McKinney resigned.


In the broad market, advancing issues outpaced advancers by a margin of more than 6 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 soared 23 points to 2,163. Bitcoin tumbled $11 to $596.

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