Markets retreat on profit taking

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The markets retreated to open lower with the Dow dropping 61 points to 24,540 as investors locked in profits. Nasdaq fell 39 points to 6942.


On the upside


Under Armour (NYSE: UA) reported higher fourth quarter revenue that topped analyst estimates.


Chegg (NYSE: CHGG) reversed year ago losses to post a stronger than expected profit for the fourth quarter.


AmerisourceBergen (NYSE: ABC) is reportedly the target of a possible acquisition offer by Walgreens Boots Alliance (Nasdaq: WBA).

 

On the downside 


Henry Schein (Nasdaq: HSIC) issued a statement denying antitrust allegations that were made by the Federal Trade Commission.


Patterson Companies (Nasdaq: PDCO) has denied allegations by the Federal Trade Commission that it violated antitrust laws.


Barclay's downgraded Weatherford International (NYSE: WFT) from an Overweight rating to an Equalweight rating.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 10 points to 2,646. Bitcoin jumped $282 to $8,597.


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