April 2018 Archives

President Donald Trump accused OPEC of artificially inflating crude oil prices. The markets close sharply lower with the Dow plummeting 201 points to 24,462. Nasdaq plunged 91 points to 7146.


On the upside


Shares of Columbia Financial (Nasdaq: CLBK) surged in its market debut. 


Limelight Networks (Nasdaq: LLNW) swung to a profit for the first quarter as revenue rose.


Dicerna Pharmaceuticals (Nasdaq: DRNA) and Alynylam Pharmaceuticals (Nasdaq:: ALNY) settled a stolen trade secrets case.

 

On the downside 


Clearwater Paper (NYSE: CLW) reported sharply lower first quarter earnings.


Controladora Vuela Compania de Aviation (NYSE: VLRS) reported a loss for the first quarter.


ManpowerGroup (NYSE: MAN) reported higher first quarter earnings and revenue but the stock price fell.


In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 tumbled 22 points to 2,670. Bitcoin leaped $218 to $8,495.


The markets tumbled during the midday with the Dow plunging 180 points to 24,484. Nasdaq plummeted 75 points to 7162.


Wells Fargo was fined a combined $1 billion by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for auto insurance and mortgage lending abuses. The bank had forced clients with auto loans to buy insurance that they did not need and had charged mortgage borrowers unnecessary fees. In addition to the fine, Wells Fargo must refund customers all the fees and insurance payments that had been collected.


A former employee of SunTrust Banks may have compromised data on up to 1.5 million clients. The information stolen may include names, addresses, phone numbers and account balances but not Social Security numbers, account numbers, driver's license numbers, user IDs, passwords, or PINs. Free identity theft protection services will be offered to all SunTrust Bank clients.


Harley-Davidson is recruiting eight summer interns to ride motorcycles across the country while documenting their adventures on social media. The college students would ideally be pursuing careers in communications, marketing, public relations or social media. They will be taught how to ride a motorcycle and will be expected to post pictures, stories and videos on their own social media accounts as well as Harley-Davidson's channels.


In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 dropped 19 points to 2,673. Bitcoin soared $187 to $8,464.


Flat open as crude oil eases

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The markets opened flat with the Dow slipping 7 points to 24,657 as crude oil prices eased. Nasdaq fell 18 points to 7220.


On the upside


Ericsson (Nasdaq: ERIC) narrowed losses for the first quarter. 


Jana Partners acquired a 9.1% stake in Pinnacle Foods (NYSE: PF).


Cleveland-Cliffs (NYSE: CLF) reported better than expected results for the first quarter.

 

On the downside 


Skechers USA (NYSE: SKX) reported first quarter earnings and revenue that fell short of expectations and forecast second quarter results below analyst estimates.


Mattel (Nasdaq: MAT) named Ynon Kreiz to replace chief executive Margaret Georgiadis.


Atlassian (Nasdaq: TEAM) narrowed losses for the third quarter more than expected but the company forecast current quarter earnings below estimates.


In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 eased a point to 2,692. Bitcoin surged $199 to $8,476.


Trade concerns send markets lower

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Trade concerns sent the markets down to a lower close with the Dow falling 83 points to 24,664. Nasdaq dropped 57 points to 7238.


On the upside


Applied Optoelectronics (Nasdaq: AAOI) will release first quarter financial on Tuesday, May 8, 2018. 


Webster Financial (NYSE: WBS) reported higher first quarter earnings and revenue.


The Food and Drug Administration approved Sientra's (Nasdaq: SIEN) PMA supplemental allowing commercialization of its OPUS-branded breast implant products.

 

On the downside 


Aceto (Nasdaq: ACET) is negotiating for a waiver of its credit agreements and will evaluate its strategic alternatives.


Pier 1 Imports (NYSE: PIR) disappointed with lower fourth quarter earnings and revenue that fell short of expectations and announced that it will no longer pay a quarterly dividend.


Paratek Pharmaceuticals (Nasdaq: PRTK) priced its private offering of $140 million of convertible senior notes.


In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 15 points to 2,693. Bitcoin added $22 to $8,219.


CalOSHA investigates Tesla

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The markets continued falling during the midday with the Dow plunging 133 points to 24,614. Nasdaq tumbled 63 points to 7232.


California's Occupational Safety and Health Administration initiated an investigation into Tesla's manufacturing facility for possible violations of safety rules. The regulatory agency has received reports documenting workplace hazards as well as allegations that work related injuries are underreported. The injuries log of the elective vehicle maker is being reviewed to ensure that serious injuries are reported as required by law.


Polaris Industries has recalled approximately 3,300 Indian brand motorcycles to fix a faulty switch. Corrosion in the switch can cause the engine to start unintentionally in eleven different models of motorcycles from model yer 2018. The switch will be replaced at a dealership for free.


The American Federal of Teachers will no longer recommend Wells Fargo as a mortgage lender to its union members. The union had urged the bank to severe relations with firearms businesses in the wake of the February 14 Parkland shooting that killed 17 students and staff at Marjory Stonemason Douglas High School. Wells Fargo said that gun violence is best addressed through political and legislative processes rather than through businesses.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 19 points to 2,688. Bitcoin climbed $74 to $8,271.


Renewed concerns about the negative economic impact of tariffs weighed the market down to a lower open with the Dow losing 37 points to 24,711. Nasdaq falling 37 points to 7258.


On the upside


Shire (Nasdaq: SHPG) rejected an acquisition offer worth approximately $61 billion from Takeda Pharmaceutical. 


BRF (NYSE: BRFS) lifted a ban on nine processing plants.


American Express (NYSE: AXP) reported higher first quarter earnings and revenue that beat analyst expectations.

 

On the downside 


First quarter revenue for Philip Morris (NYSE: PM) fell short of expectations.


Taiwan Semiconductor Manufacturing (NYSE: TSM) reported first quarter earnings that misses analyst estimates.


Morgan Stanley downgraded The Clorox Company (NYSE: CLX) from an Equal Weight rating to an Underweight rating and cut its price target from $128.00 to $116.00.


In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 losing 7 points to 2,701. Bitcoin added $22 to $8,219.


The Federal Reserve's Beige Book reported that the nation's economy continued to grow but widespread concern has been raised about proposed tariffs. The markets closed mixed with the Dow losing 38 points to 24,748 while Nasdaq rose 14 points to 7295.


On the upside


SunPower (Nasdaq: SPWR) will acquire rival SolarWorld Americas to avoid solar panel tariffs. 


Scientific Games (Nasdaq: SGMS) launched an online sports betting platform in Hungary.


SunTrust Banks established a price target of $25.00 on Carrizo Oil & Gas (Nasdaq: CRZO).

 

On the downside 


Shares of streaming platform Roku (Nasdaq: ROKU) plunged after Best Buy (NYSE: BBY) announced an exclusive partnership to sell Amazon (Nasdaq: AMZN) Fire smart TV products.


Fred's (Nasdaq: FRED) delayed the release of its fourth quarter and full year earnings report.


Dynagas LNG Partners (NYSE: DLNG) reduced its quarterly distribution from $0.4225 per common unit to $0.25 per common unit.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 4 on the NYSE and by nearly 6 to 5 on Nasdaq. The broader S&P 500 added 2 points to 2,708. Bitcoin jumped $292 to $8,200.


The markets traded mixed during the midday with the Dow slipping 4 points to 24,782. Nasdaq gained 26 points to 7307.


Volkswagen partnered with Walmart to install electric vehicle charging stations at Walmart locations across the country. Stores along highways will be equipped with approximately 80% of the charges while metro areas will receive 20% of the charging stations. Volkswagen's Electrify America unit plans to install charging stations at more than 100 Walmart locations by June 2019.


Best Buy will be the exclusive seller of Amazon Fire-edition smart televisions beginning this summer. Customers will be able to choose from more than ten 4K and HD Fire TV Edition televisions equipped with Amazon Fire TV. The televisions will be able to stream content from Hulu, HBO, Netflix, and Prime Video and will be able to pair with any Echo device.


Amazon launched an international shopping feature that allows customers from around the world to purchase items from the United States. The new shopping feature is currently available in Brazilian Portuguese, simplified Chinese, English, German and Spanish and allows transactions in 25 currencies. Shipping costs and import duties will be displayed for transparency.


In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 rose 7 points to 2,714. Bitcoin leaped $208 to $8,116.


Rising crude oil prices lifted the markets to a higher open with the Dow gaining 34 points to 24,820. Nasdaq rose 11 points to 7292.


On the upside


The Food and Drug Administration approved the abbreviated new drug application for Teligent's (Nasdaq: TLGT) Clobetasol Propionate Cream USP, 0.05%. 


Rising crude oil prices lifted Denbury Resources (NYSE: DNR) and W&T Offshore (NYSE: WTI).


Textron (NYSE: TXT) reported higher first quarter earnings and revenue that beat expectations.

 

On the downside 


International Business Machines (NYSE: IBM) reported better than expected earnings and revenue for the second quarter but profit margins fell.


Goldman Sachs downgraded Juniper Networks (NYSE: JNPR) from a Neutral rating to a Sell rating and cut its price target from $26.00 to $21.00.


Lam Research (Nasdaq: LCRX) reported sharply highly third quarter earnings that topped analyst estimates as revenue climbed but the stock price fell.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 added 4 points to 2,710. Bitcoin surged $187 to $8,095.


Markets soar on strong earnings

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Strong earnings sent the markets soaring to close sharply higher with the Dow jumping 213 points to 24,786. Nasdaq leaped 124 points to 7281.


On the upside


ArQule (Nasdaq: ARQL) entered an exclusive license agreement with Basilea Pharmaceutica International to develop and commercialize derazantinub. 


Shares of Fred's (Nasdaq: FRED) rose ahead of its earnings release tomorrow before market open.


The Food and Drug Administration is expected to approve GW Pharmaceuticals' (Nasdaq: GWPH) seizure treatment that is made with cannabidiol.

 

On the downside 


The Sears Holdings (Nasdaq: SHLD) store at Asheville Mall will begin liquidation sales at the end of the month and will close by mid-July.


Rumors circulated that GoPro (Nasdaq: GPRO) may be acquired but the stock price fell.


REV Group (NYSE: REVG) announced the return of Tom Phillips as chief operating officer.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 soared 28 points to 2,706. Bitcoin tumbled $89 to $7,918.


The markets extended its gains during the midday with the Dow soaring 201 points to 24,774. Nasdaq surged 118 points to 7274.


The U.S. Supreme Court has dismissed a suit between Microsoft and the Department of Justice. The technology company had challenged a domestic search warrant that sought information that was stored on a server outside of the United States. The suit became moot after the Cloud Act was signed into law last month.


China has imposed a steep 178.6% tariff on sorghum from the United States saying that the product was unfairly subsidized. Sorghum is a cereal grain that is used as feed for livestock and as a sweetener. China imported approximately $960 million worth of sorghum from the U.S. last year and is the world's largest buyer of U.S. sorghum products.


The European Union has proposed a law that will allow law enforcement officials to access data from technology companies that is stored on servers inside and outside of the EU bloc. A judge will have to approve the request for electronic evidence in criminal investigations. Companies must comply with the request within 10 days or, in urgent cases, six hours.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 climbed 26 points to 2,704. Bitcoin climbed $91 to $8,098.


An increase in housing starts along with strong earnings lifted the markets to a higher open with the Dow climbing 108 points to 24,681. Nasdaq gained 59 points to 7215.


On the upside


Netflix (Nasdaq: NFLX) reported higher first quarter earnings and revenue that beat expectations as subscribers soared. 


Roku (Nasdaq: ROKU) will offer the new ESPN+ streaming service on its devices.


Morgan Stanley upgraded Twitter (NYSE: TWTR) from an Underweight rating to and Equal Weight rating.

 

On the downside 


Citigroup downgraded Chesapeake Energy (NYSE: CHK) from a Neutral rating to a Sell rating.


Tesla (Nasdaq: TSLA) has temporarily halted production of its Model 3 electric vehicle.


Bellicum Pharmaceuticals (Nasdaq: BLCM) announced a public offering of 7 million common shares.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 gained 15 points to 2,692. Bitcoin climbed $91 to $8,098.


Higher close on upbeat earnings

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Upbeat earnings news boosted the markets to a sharply higher close with the Dow leaping 212 points to 24,573. Nasdaq climbed 49 points to 7156.


On the upside


Intelsat (NYSE: I) subsidiary Intelsat General is part of a team of companies that was awarded an order to develop and operate a satellite payload for the Federal Aviation Administration. 


Navistar International (NYSE: NAV) may be acquired by Volkswagen.


Analysts expect Carvana (NYSE: CVNA) to post a profit in 2020.

 

On the downside 


The Commerce Department's ban on sales to ZTE will negatively impact revenue for Acadia Communications (Nasdaq: ACIA), which received 30% of its 2017 revenue from the Chinese telecommunications equipment maker.


Clovis Oncology (Nasdaq: CLVS) announced a public offering of convertible senior notes and common stock.


Shares of optical components maker Oclaro (Nasdaq: OCLR) tumbled after the Commerce Department issued a ban on sales of Chinese telecommunications equipment maker ZTE.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 gained 21 points to 2,677. Bitcoin sank $308 to $8,003.


The markets continued advancing during the midday with the Dow rocketing 255 points to 24,615. Nasdaq climbed 57 points to 7164.


The Commerce Department has issued a ban on American exports to Chinese telecommunications equipment maker ZTE for violating sanctions. ZTE paid a fine of $800 million last year for illegally shipping U.S. goods and technology to Iran. American companies such as Acacia Communications, Dolby, Finisar, Lumentum Holdings, Oclaro and Qualcomm will not be allowed to sell components to ZTE for seven years.


Amazon has halted plans to sell drugs to hospitals and has instead pivoted to selling medical supplies. One challenge that faced the retailing giant included was creating a delivery system that could transport temperature sensitive medications in a timely and cost effective manner. Amazon may explore selling prescription drugs directly to consumers.


People continued to protest at a Starbucks in Philadelphia where two African American men were arrested last week while they were waiting to meet with a third man. The Starbucks manager had called police to remove the two men for trespassing. Starbucks chief executive Kevin Johnson will meet with the two men and has apologized for the incident, saying that store managers and employees will be trained for implicit bias.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 soared 24 points to 2,680. Bitcoin plunged $275 to $8,036.


Indications from President Donald Trump that the missile strikes on Syria on Friday completed their task and further military action would not be necessary allayed investor concerns. The markets opened sharply higher with the Dow surging 123 points to 24,483. Nasdaq gained 47 points to 7153.


On the upside


The Food and Drug Administration accepted Alkermes' (Nasdaq: ALKS) New Drug Application for ALKS 5461 to treat major depressive disorder. 


Tropicana Entertainment will sell its real estate to Gaming and Leisure Properties (Nasdaq: GLPI) and merge its gaming and hotel operations with Eldorado Resorts (Nasdaq: ERI).


Marriott Vacations Worldwide (NYSE: VAC) has engaged in advanced negotiations for a potential merger with ILG (Nasdaq: ILG).

 

On the downside 


Bristol-Myers Squibb (NYSE: BMY) reported positive results from two studies of its Opdivo and Opdivo in combination with Yervoy to treat lung cancer but Merck's (NYSE: MRK) Keytruda demonstrated stronger results.


National Oilwell Varco (NYSE: NOV) warned that first quarter revenue would fall short of previous guidance.


Celldex Therapeutics (Nasdaq: CLDX) reported disappointing results from a Phase 2b METRIC study of glembatumumab vedotin.


In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 climbed 14 points to 2,670. Bitcoin plummeted $352 to $7,959.


Renewed concerns about a potential military strike against Syria sent the markets tumbling to a sharply lower close with the Dow plunging 122 points to 24,360. Nasdaq fell 33 points to 7106.


On the upside


Shares of Bellicum Pharmaceuticals (Nasdaq: BLCM) extended its gains. 


FCB Financial Holdings (NYSE: FCB) is exploring a possible sale of the company.


ValuEngine upgraded BJ's Restaurants (Nasdaq: BJRI) from a Hold rating to a Buy rating.

 

On the downside 


Nomura Instinet initiated coverage of Dropbox (Nasdaq: DBX) with a Reduce rating.


Cleveland Research downgraded Arista Network (NYSE: ANET) from a Buy rating to a Neutral rating.


Shares of Allegiant Travel (Nasdaq: ALGT) plunged ahead of a 60 Minutes report that will air this Sunday exposing the safety and maintenance records of the budget airline.


In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 lost 7 points to 2,656. Bitcoin gained $46 to $7,878


The markets retreated during the midday with the Dow falling 72 points to 24,410. Nasdaq slipped 12 points to 7128.


Heinz introduced the American public to its new mayochup condiment through a Twitter poll. People were asked whether they wanted mayochup, which is currently available in a few Middle East Gulf states, to be released in the United States. But, many Twitter users debunked the claim that mayochup was new saying that the mayonnaise and ketchup combination has been widely available in Puerto Rico, Costa Rica, Colombia, Venezuela, and other Latin American countries for decades.


Billionaire Isaac Larian has offered $675 million to buy 274 Toys R Us locations in the United States and $215 million for approximately 80 locations in Canada. Larian is the chief executive of toymaker MGA entertainment that makes the popular brands Bratz, L.O.L. Surprise!, Little Tikes, and others. He began his Toys R Us rescue effort last month with a GoFundMe campaign to raise money to buy the toy retailer.


The Securities and Exchange Commission will soon be taking action against SeaWorld Entertainment either through a civil enforcement action or an administrative proceeding. SeaWorld has been under investigation for concerning disclosures and public statements made about the potential impact of the documentary "Blackfish" that alleged mistreatment of orcas by the company. The SEC may access a financial penalty or issue a cease-and-desist order.


In the broad market, declining issues outpaced advancers by a margin of nearly 6 to 5 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 slipped 2 points to 2,661. Bitcoin soared $264 to $8,096.


Higher open on upbeat earnings

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The markets opened higher with the Dow climbing 99 points to 24,582 on upbeat earnings. Nasdaq gained 39 points to 7179.


On the upside


Alaska Air Group (NYSE: ALK) reported higher traffic and capacity for March. 


Rising gold prices lifted shares of Gold Fields (NYSE: GFI) and IAMGOLD (NYSE: IAG).


Shares of Turtle Beach (Nasdaq: HEAR) extended its gains.

 

On the downside 


Zillow (Nasdaq: Z) will begin buying and selling homes in Phoenix and Las Vegas.


Infosys (NYSE: INFY) will acquire consumer insights agency WONGDOODY.


Stifel downgraded Glaukos (NYSE: GKOS) from a Buy rating to a Hold rating and cut its price target from $39.00 to $32.00.


In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 gained 13 points to 2,676. Bitcoin soared $282 to $8,113.


A drop in first time applications for unemployment benefits boosted investor enthusiasm to lift the markets to a sharply higher close with the Dow surging 293 points to 24,483. Nasdaq leaped 71 points to 7140.


On the upside


Shares of Zuora (NYSE: ZUO) surged on its first trading day. 


Geron (Nasdaq: GERN) stock rose ahead of partner Johnson & Johnson's (NYSE: JNJ) upcoming earnings release.


Shares of Selecta Biosciences (Nasdaq: SELB) surged for the third day in a row.

 

On the downside 


Argan (NYSE: AGX) reported sharply lower fourth quarter earnings as revenue dropped.


Daqo New Energy (NYSE: DQ) priced its registered follow-on offering of 2 million American Depositary Shares at the discounted price of $55.00 per ADS.


Profit taking weighed down shares of Pretium Resources (NYSE: PVG).


In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 climbed 21 points to 2,663. Bitcoin surged $820 to $7,724.


The markets advanced during the midday with the Dow rocketing 342 points to 24,531. Nasdaq surged 77 points to 7146.


Hulu and Spotify have partnered to offer a dual subscription to both services for $12.99 per month. The deal is available for current members of Spotify Premium and will be available to all customers during the summer. The services will maintain their individual apps so customers will still have to login to Hulu to watch videos and Spotify to stream music.


Tesla has withdrawn as a formal party in the National Transportation Safety Board's investigation into a fatal accident involving a Tesla Model S. Tesla said that it could not comply with the party agreement that prohibits the release of crash information to the public. The NTSB has been disappointed with the electric carmaker for continuing to issue statements about the accident and blaming the driver for ignoring warnings from the Autopilot system.


In a victory for Uber, a Philadelphia judge has ruled that drivers for the ride hailing app's UberBLACK limousine service are independent contractors rather than employees. Independent contractors are not subject to minimum wage, overtime and other legal protections. Plaintiffs in the case will appeal the ruling.


In the broad market, advancing issues outpaced decliners by a margin of 4 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 climbed 25 points to 2,667. Bitcoin vaulted $767 to $7,671.


The markets opened higher with the Dow soaring 113 points to 24,302 as President Donald Trump walked back the timing of potential airstrikes on Syria. Nasdaq climbed 43 points to 7112.


On the upside


Chicago Bridge & Iron (NYSE: CBI) reported higher preliminary first quarter earnings. 


The Food and Drug Administration lifted its clinical hold on Bellicum Pharmaceuticals' (Nasdaq: BLCM) BPX-501.


Bargain hunters lifted shares of QuinStreet (Nasdaq: QNST).

 

On the downside 


Bed Bath & Beyond (Nasdaq: BBBY) reported a greater than expected drop in same store sales for the fourth quarter and forecast disappointing results for fiscal 2018 prompting Wedbush to cut its price target from $23.00 to $18.00 and Credit Suisse to lower its price target from $25.00 to $20.00.


Novavax (Nasdaq: NVAX) priced its public offering of more than 30 million common shares at the discounted price of $1.65 per share.


Retreating gold prices weighed down shares of Harmony Gold (NYSE: HMY) and Yamana Gold (NYSE: AUY).


In the broad market, advancing issues outpaced decliners by a margin of 2 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 gained 11 points to 2,653. Bitcoin leaped $795 to $7,699.


Concerns about Syria sink stocks

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Concerns about a potential military offensive in Syria sank the markets with the Dow crashing 218 points to 24,189. Nasdaq fell 25 points to 7069.


On the upside


Pretium Resources (NYSE: PVG) reported first quarter production results and provided an operations update for the Brucejack Mine. 


Stifel Nicolaus upgraded AeroVironment (Nasdaq: AVAV) from a Hold rating to a Buy rating and lifted its price target from $45.00 to $65.00.


Rosenblatt Securities expects Applied Optoelectronics (Nasdaq: AAOI) to rebound this quarter.

 

On the downside 


Kerrisdale Capital wrote that it was shorting QuinStreet (Nasdaq: QNST) due to the company's outdated business model.


Analogic (Nasdaq: ALOG) will be taken private by an affiliate of Altaris Capital Partners for a discounted price of $84.00 per share in cash.


Profit taking weighed down shares of CarGurus (Nasdaq: CARG).


In the broad market, advancing issues were on par with decliners on the NYSE while decliners barely edged out advancers by a slim margin on Nasdaq. The broader S&P 500 fell 14 points to 2,642. Bitcoin gained $49 to $6,911.


Ford introduces updated Focus

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The markets traded mixed during the midday with the Dow plummeting 126 points to 24,281. Nasdaq added 7 points to 7102.


Ford introduced the latest version of its Focus compact car for the Chinese and European market. The updated model boasts adaptive cruise control, adaptive headlights, and in some locations, the ability to read traffic signs. The vehicles will be made in Chongqing, China and Saarlouis, Germany as four-door sedans, five-door wagons and hatchbacks.


Bank of America will end its practice of lending funds to companies that make military-style weapons for civilian use. The bank has met with representatives of several business clients that manufacture military-style firearms to inform them of the change. Clients were not identified by name but Remington Outdoor listed Bank of America as one of its creditors in its Chapter 11 bankruptcy filing. 


Users in San Francisco will be able to rent cars through the Uber app later this month. Uber has partnered with startup Getaround to connect car owners and potential customers who want to rent a car for a few hours up to several days. Uber plans to expand its car rental program to other cities and may continue working with Getaround, which has operations in Boston, Chicago, Los Angeles, Portland, Seattle and Washington D.C.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by 6 to 5 on Nasdaq. The broader S&P 500 slipped 4 points to 2,652. Bitcoin gained $49 to $6,911.


President Donald Trump threatened missile strikes against Syria via Twitter. The markets tumbled to open sharply lower with the Dow plunging 134 points to 24,274. Nasdaq dropped 39 points to 7055.


On the upside


Bargain hunters lifted shares of Acadia Pharmaceuticals (Nasdaq: ACAD). 


Hilton Worldwide (NYSE: HLT) priced its secondary offering of 60 million common shares at $73.00 per share.


Rising gold prices lifted shares of AngloGold Ashanti (NYSE: AU).

 

On the downside 


Fastenal (Nasdaq: FAST) reported higher first quarter earnings and revenue but margins fell.


Investors locked in profits on Sprint (NYSE: S).


Babcock & Wilcox (NYSE: BW) announced the retirement of chief financial officer Jenny L. Apker effective June 1, 2018 and amended its rights offering.


In the broad market, advancing issues outpaced decliners by a margin of 6 to 5 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 fell 13 points to 2,643. Bitcoin climbed $76 to $6,939.


Facebook chief executive Mark Zuckerberg took responsibility for the gathering of personal data from 87 million users of the social media site by a political data firm when he testified before Congress this afternoon. The markets surged to close sharply higher with the Dow vaulting 428 points to 24,408. Nasdaq rocketed 143 points to 7094.


On the upside


Spectrum Pharmaceuticals (Nasdaq: SPPI) reported positive updated data for a Phase 2 study of posiotinib in EGFR Exon 20 Mutant Non-Small Cell Lung Cancer. 


Tandem Diabetes Care (Nasdaq: TNDM) reported sharply higher preliminary revenue for the first quarter as pump shipments surged.


Sprint (NYSE: S) has reportedly revived merger discussion with T-Mobile (NYSE: TMUS).

 

On the downside 


Selecta Biosciences (Nasdaq: SELB) presented positive new data from on ongoing Phase 2 trial of SEL-212 to treat chronic severe gout.


UnitedHealthcare terminated its contract with Envision Healthcare (NYSE: EVHC).


Enphase Energy (Nasdaq: ENPH) introduced its 7th-generation Enphase IQ microinverters for the Enphase Home Energy Solution with IQ for the UK market but the stock price fell.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 surged 43 points to 2,656. Bitcoin soared $136 to $6,845.


The markets advanced during the midday with the Dow rocketing 456 points to 24,435. Nasdaq leaped 134 points to 7085.


Facebook chief executive Mark Zuckerberg will testify today and tomorrow before a joint session of the Senate Judiciary Committee and the Senate Commerce, Science, and Transportation Committee about privacy and security issues that have plagued the social media site. The private information of approximately 87 million Facebook users was collected by political data firm Cambridge Analytica and allegedly used for campaign purposes. Facebook has suspended a number of data analytics firms in the aftermath of the Cambridge Analytica scandal.


Kroger plans to hire 11,000 employees to staff its supermarkets. The company will also spend $500 million for wages, training and development over the next three years. The supermarket chain currently employs approximately 449,000 people.


The Court of Justice of the European Union ruled that France has the right to pass laws banning transport services such as Uber. Uber had challenged a 2014 law saying that France failed to notify the European Commission of the law. The ruling clears the way for France to file criminal charges against Uber managers.


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 surged 45 points to 2,658. Bitcoin soared $142 to $6,848.


The markets opened sharply higher with the Dow leaping 219 points to 24,198 as Chinese President Xi Jinping vowed to cut automobile import tariffs. Nasdaq jumped 110 points to 7060.


On the upside


An investor group led by Francisco Partners will take Verifone Systems (NYSE: PAY) private in a deal valued at approximately $3.4 billion including debt. 


Morgan Stanley upgraded Seagate Technology (Nasdaq: STX) from an Equal Weight rating to an Overweight rating and lifted its price target from $51.00 to $72.00.


Rising crude oil prices lifted shares of Oasis Petroleum (NYSE: OAS).

 

On the downside 


Tupperware (NYSE: TUP) warned that first quarter revenue would be lower than last year and cut its earnings outlook.


The Food and Drug Administration extended the time that it needs to review the New Drug Application for elagolix, a treatment for endometriosis and uterine fibroids that was developed by Neurocrine Biosciences (Nasdaq: NBIX) and AbbVie (NYSE: ABBV).


vTv Therapeutics (Nasdaq: VTVT) reported disappointing results from a Phase 3 STEADFAST study of its Alzheimer's treatment azeliragon.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 climbed 25 points to 2,638. Bitcoin gained $51 to $6,759.


The markets closed higher with the Dow gaining 46 points to 23,979 after officials indicated that negotiations with China would likely ease proposed tariffs. Nasdaq climbed 35 points to 6950.


On the upside


Turtle Beach (Nasdaq: HEAR) reported preliminary first quarter earnings and revenue ahead of previous guidance. 


Chardan Capital lifted its price target on Regenxbio (Nasdaq: RGNX) from $85.00 to $90.00.


Intelsat (NYSE: I) introduced a new Ku-bnd Multi-Channel Per Carrier media platform for Central and Eastern Europe.

 

On the downside 


Menlo Therapeutics (Nasdaq: MNLO) reported disappointing results from a Phase 2 clinical trial of serlopitant to treat pruritus in adults and adolescents with a history of atopic dermatitis.


Essent Group (NYSE: ESNT), NMI Holdings (Nasdaq: NMIH) and Radian Group (NYSE: RDN) may all be forced to slash their premiums after rival MGIC Investment (NYSE: MTG) announced premium cuts.


Veon Group (Nasdaq: VEON) will sell its Takom subsidiary.


In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by nearly 6 to 5 on Nasdaq. The broader S&P 500 rose 8 points to 2,613. Bitcoin crashed $340 to $6,659.


Tesla recalls Model S in China

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The markets extended its gains during the midday with the Dow leaping 301 points to 24,234. Nasdaq surged 105 points to 7020.


Tesla will recall Model S sedans in China that were made before April 2016 to fix a potential problem with the power steering system. Bolts in the power steering component may corrode in very cold weather resulting in a loss of power steering assist. The bolts in nearly 8,900 vehicles will be replaced beginning June 28.


Uber will acquire electric bicycle service JUMP Bikes for an undisclosed amount. The dockless bike sharing company initially sold bicycles eight years ago but transformed its business model as on-demand bicycles became more popular. JUMP operates 250 battery-powered bikes in San Francisco and 200 bikes in Washington, D.C.


Apple will sell red models of its iPhone 8 and iPhone 8 Plus to support efforts to fight HIV and AIDS. A portion of the sales of the special edition phones will be donated to Global Fund HIV/AIDS to fund programs that test, counsel, treat and prevent the transmission of the virus. Pricing of the red iPhone 8 begins at $699 while the iPhone 8 Plus begins at $799 for the 64GB models.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 soared 34 points to 2,638. Bitcoin plunged $254 to $6,744.


Investors welcomed comments by White House economic advisor Larry Kudlow over the weekend that the country was not engaged in a trade war with China. The markets rebounded to open higher with the Dow soaring 105 points to 24,037. Nasdaq climbed 56 points to 6971.


On the upside


AveXis (Nasdaq: AVXS) will be acquired by Novartis (NYSE: NVS) for a premium of approximately $8.7 billion. 


Leucadia National (NYSE: LUK) will sell 48% of National Beef and 100% of its interest in Garcadia and announced plans to change its name to Jefferies Financial Group.


Citi lifted its price target on Alcoa (NYSE: AA) from $57.00 to $65.00.

 

On the downside 


Concerns about the safety of Acadia Pharmaceuticals' (Nasdaq: ACAD) Nuplazid sent shares of the biopharmaceutical tumbling.


Deutsche Bank sold 23,362 shares of Yandex (Nasdaq: YNDX) in the fourth quarter.


MGIC Investment (NYSE: MTG) announced reduced borrower-paid premium rates.


In the broad market, advancing issues outpaced decliners by a margin of more than 3 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 gained 13 points to 2,617. Bitcoin plunged $253 to $6,746.


The threat of an impending trade war with China sent the markets plummeting to close sharply lower with the Dow crashing 572 points to 23,932. Nasdaq collapsed 161 points to 6915.


On the upside


The Food and Drug Administration approved Pacira Pharmaceuticals' (Nasdaq: PCRX) supplemental new drug application to broaden the use of Exparel. 


GOL Linhas (NYSE: GOL) reported an improved load factor for March 2018.


Supervalu (NYSE: SVU) is exploring a potential sale of the supermarket chain.

 

On the downside 


NewLink Genetics (Nasdaq: NLNK) will review its clinical programs.


MannKind (Nasdaq: MNKD) priced its registered direct offering of 14 million common shares and warrants for a combined price of $2.00.


Investors locked in profits on Sunrun (Nasdaq: RUN).


In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 crashed 58 points to 2,604. Bitcoin slipped $2 to $6,605.


President Donald Trump threatened to impose tariffs on an additional $100 billion of imports from China. The markets tumbled to open lower with the Dow plunging 132 points to 24,373. Nasdaq plummeted 77 points to 6999.


On the upside


Shares of Longfin (Nasdaq: LFIN) surged as bargain hunters snapped up shares of the blockchain firm. 


SendGrid (NYSE: SEND) priced its follow-on offering of more than 6.5 million common shares at $24.00 per share.


Goldman Sachs initiated coverage of Crispr Therapeutics (Nasdaq: CRSP) with a Buy rating and an $86.00 price target.

 

On the downside 


An external Data Monitoring Committee reported disappointing results for a Phase 3 ECHO-301/KEYNOTE-252 study of Incyte's (Nasdaq: INCY) epacadostat in combination with Merck's (NYSE: MRK) KEYTRUDA.


Profit taking weighed down shares of Nektar Therapeutics (Nasdaq: NKTR).


Shares of U.S. Steel (NYSE: X) fell after Russia indicated that it would respond to U.S. trade tariffs on steel and aluminum imports.


In the broad market, declining issues outpaced advancers by a margin of 2 to 1 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 tumbled 23 points to 2,639. Bitcoin tumbled $103 to $6,624.


The possibility of negotiations to avert a potential trade war with China boosted the markets to a sharply higher close with the Dow surging 240 points to 24,505. Nasdaq gained 34 points to 7076.


On the upside


Shares of Intelsat (NYSE: I) advanced for the third day in a row. 


Morgan Stanley issued a positive note on ADT (NYSE: ADT).


Jefferies upgraded Weatherford International (NYSE: WFT) from an Underperform rating to a Hold rating.

 

On the downside 


Conatus Pharmaceuticals (Nasdaq: CNAT) reported disappointing results from a Phase 2b POLT-HCV-SVR clinical trial in liver transplant patients with fibrosis or cirrhosis.


Conn's (Nasdaq: CONN) disappointed with lower fourth quarter revenue that fell short of expectations and warned of lower same store sales for the current quarter.


A judge may reject a plea agreement made by Och-Ziff Capital Management (NYSE: OZM) in a bribery case.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 rose 18 points to 2,662. Bitcoin dropped $89 to $6,731.


The markets extended its gains during the midday with the Dow leaping 194 points to 24,458. Nasdaq gained 25 points to 7068.


Target has agreed to settle a class-action lawsuit by paying $3.74 million and changing its hiring practices. Plaintiffs alleged that the retailer discriminated against black and Hispanic job applicants by using criminal background checks to filter applicants. Job seekers were disqualified due to racial and ethnic disparities in the criminal justice system.


AMC Theatres won a cinema operating license to jointly open movie theaters in Saudi Arabia with the entertainment subsidiary of Saudi Arabia's Public Investment Fund. Up to 40 theaters will open in 15 cities over the next five years with the first scheduled to open on April 18 in Riyadh's King Abdullah Financial District. The kingdom had banned movie theaters 35 years ago.


Frontier Airlines will add four new cities to its network of routes beginning this summer. The low cost carrier will provide service to and from Portland, Maine and Syracuse, New York for the very first time and will be returning to Harrisburg, Pennsylvania and Spokane, Washington. Additionally, three new routes will be added to Raleigh/Durham.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 gained 12 points to 2,657. Bitcoin tumbled $110 to $6,709.


Easing concerns about a trade war lifted the markets to a higher open with the Dow rising 49 points to 24,313. Nasdaq climbed 57 points to 7099.


On the upside


Cenovus Energy (NYSE: CVE) named Jonathan McKenzie to the position of chief financial officer. 


Kimmeridge Energy Management increased its stake in Carrizo Oil & Gas (Nasdaq: CRZO) to nearly 6.6 million shares and has advocated for either the sale of assets or a merger with a competitor.


Albemarle (NYSE: ALB) completed the sale of its polyolefin catalysts and components business.

 

On the downside 


Ollie's Bargain Outlet (Nasdaq: OLLI) reported higher fourth quarter earnings and revenue but the discount retailer forecast fiscal 2018 revenue below expectations.


UBS initiated coverage of Micron Technology (Nasdaq: MU) with a Sell rating.


Werner Enterprises (Nasdaq: WERN) opened a new terminal in Joliet, Illinois.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 4 to 3 on Nasdaq. The broader S&P 500 gained 15 points to 2,659. Bitcoin climbed $76 to $6,896.


The Trump administration indicated that it may be willing to engage in trade negotiations with China allaying fears of a trade war. The markets recovered to close sharply higher with the Dow soaring 230 points to 24,264. Nasdaq leaped 100 points to 7042


On the upside


Overstock.com (Nasdaq: OSTK) withdrew its secondary stock offering. 


H.C. Wainwright affirmed its Buy rating on Omeros (Nasdaq: OMER) and established a price target of $34.00.


Norhtland Securities initiated coverage of Macom Technology Solutions (Nasdaq: MTSI) with an Outperform rating.

 

On the downside 


Cellectis (Nasdaq: CLLS) announced a follow-on offering of $175 million of its American Depositary Shares.


Profit taking weighed down shares of Titan Machinery (Nasdaq: TITN).


Gannett (NYSE: GCI) priced its $175 million convertible senior note offering.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 surged 30 points to 2,644. Bitcoin crashed $547 to $6,887.


China retaliates

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The markets traded mixed during the midday with the Dow losing 23 points to 24,009. Nasdaq rose 14 points to 6955.


China retaliated against the Trump administration's announcement last night of 25% tariffs on approximately 1,300 imported Chinese items by slapping 25% tariffs on 106 products that are imported from the United States. The targeted items include cars, soybeans, corn, beef, whiskey, and tobacco. President Donald Trump proposed tariffs on products used for information technology, communications, and aerospace.


Facebook is revising its terms of service to include privacy language that protects personal data. Two documents are being updated and will apply to all users around the world. Drafts of the revisions are available for public feedback before the documents are finalized.


General Motors wil reportedly stop producing the Chevrolet Sonic subcompact car some time this year and may end production of the Chevy Impala in a few years. Low margin passenger cars have been losing market share as consumers opt for higher margin sport utility vehicles. Improved fuel efficiency along with low gas prices are driving sales of SUVs and pickup trucks.


In the broad market, declining issues barely edged out advancers by a slim margin on the NYSE while advancers outpaced decliners by nearly 3 to 2 on Nasdaq. The broader S&P 500 added 2 points to 2,616. Bitcoin dove $634 to $6,800.


Last night, the Trump administration announced a 25% tariff on a list of approximately 1,300 items worth about $50 billion that are imported from China. China responded this morning with a 25% tariff on 106 products from the United States worth approximately $50 billion. The markets tanked with the Dow crashing 379 points to 23,654 as the trade war ramped up. Nasdaq collapsed 130 points to 6811.


On the upside


Lennar (NYSE: LEN) reported higher first quarter earnings and revenue that beat expectations. 


Snap (NYSE: SNAP) introduced a group video chat feature for Snapchat.


The Food and Drug Administration granted Fast Track Designation to Proteostasis Therapeutics' (Nasdaq: PTI) cystic fibrosis treatment.

 

On the downside 


Second quarter earnings for Acuity Brands (NYSE: AYI) fell short of expectations.


RBC Capital downgraded AnaptysBio (Nasdaq: ANAB) from an Outperform rating to a Sector Perform rating and slashed its price target from $144.00 to $86.00.


Cloudera (NYSE: CLDR) reported a loss for the fourth quarter and forecast weak growth in fiscal 2019 prompting a downgrade.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 plummeted 30 points to 2,584. Bitcoin sank $533 to $6,901.


Spotify debut boosts markets

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Spotify's impressive market debut boosted investor enthusiasm to lift the markets to a sharply higher close with the Dow surging 389 points to 24,033. Nasdaq leaped 71 points to 6941.


On the upside


Shares of Spotify (NYSE: SPOT) soared on its first trading day. 


Allogene Therapeutics will assume the strategic collaboration and license agreement that Pfizer (NYSE: PFE) had with Cellectis (Nasdaq: CLLS) to develop "off-the-shelf" CAR T immunotherapies for oncology.


Bargain hunters lifted shares of Sunlands Online Education Group (NYSE: STG).

 

On the downside 


Investors locked in profits on Limelight Networks (Nasdaq: LLNW).


Rigel Pharmaceuticals (Nasdaq: RIGL) reported disappointing Phase 2 study results.


Seeking Alpha wrote that Nova Lifestyle (Nasdaq: NVFY) has key unresolved issues.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 climbed 32 points to 2,614. Bitcoin fell $30 to $7,403.


The markets advanced during the midday with the Dow climbing 104 points to 23,748. Nasdaq eased a point to 6868.


President Donald Trump attacked Amazon again via Twitter asserting that the online retailer does not pay enough money to the United States Postal Service to ship its packages and that taxpayers pay billions of dollars to support the USPS. The USPS is an independent agency that receives no taxpayer dollars but rather funds its operations through the sale of postage, products and services. The Shipping and Packages business of the USPS grew 11.8% in fiscal 2017 to $2.1 billion while First-Class and Marketing Mail both continued to drop.


Stella Artois has voluntarily recalled certain 11.2 ounce bottles of beer in the United States and Canada for potential broken glass particles. The recall includes 6-packs, 12-packs, 18-packs, 24-packs, and "Best of Belgium" multi-packs of Stella Artois as well as Stella Artois Legere 6-packs and 12-packs. A glass packaging flaw at a third party manufacturer may cause a piece of glass to break off and fall into the drink.


Music streaming service Spotify debuted on the New York Stock Exchange as the largest direct listing ever. The company founded in Sweden traded well above its list price of $132.00 per share and vaulted to a market value of nearly $30 billion. The company boasts 159 million listeners around the world using its free service and an additional 70 million users paying a monthly fee.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 4 to 3 on Nasdaq. The broader S&P 500 rose 4 points to 2,586. Bitcoin leaped $460 to $7,438.


Bargain hunters lift markets

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The markets opened higher with the Dow gaining 54 points to 23,698 as bargain hunters snapped up deals. Nasdaq climbed 54 points to 6924.


On the upside


Fiat Chrysler (NYSE: FCAU) reported its best March retail sales in 17 years. 


U.S. Steel (NYSE: X) resolved alleged water violations at its Midwest Plant in Portage, Indiana by paying a $600,000 civil penalty and at $630,000 reimbursement to federal agencies.


BTIG upgraded Exact Sciences (Nasdaq: EXAS) from a Neutral rating to a Buy rating.

 

On the downside 


Switch (NYSE: SWCH) fell to a greater than expected loss for the fourth quarter.


Citi cut its price target on Signet Jewelers (NYSE: SIG) from $42.00 to $39.00.


Welltower (NYSE: HCN) acquired a senior living community in Boca Raton for $130 million.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 gained 13 points to 2,594. Bitcoin soared $355 to $7,333.


An escalating trade war with China sent the markets plummeting to close sharply lower with the Dow crashing 458 points to 23,644. Nasdaq collapsed 193 points to 6870.


On the upside


MedicicNova (Nasdaq: MNOV) ended a Phase 2 study of MN-001 early due to extremely positive results and will accelerate further development of MN-001. 


Limelight Networks (Nasdaq: LLNW) entered a binding Memorandum of Understanding with Akamai Technologies (Nasdaq: AKAM) to settle all outstanding legal disputes between the two.


Moody's Investors Service upgraded the Corporate Family Rating of Cloud Peak Energy Resources (NYSE: CLD) from a Caa1 to a Caa2 rating.

 

On the downside 


SORL Auto Parts (Nasdaq: SORL) disappointed with sharply lower fourth quarter earnings.


Shares of Alnylam Pharmaceuticals (Nasdaq: ALNY) extended its losses.


Synnex (NYSE: SNX) reported lower first quarter earnings and forecast current quarter earnings below expectations.


In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 collapsed 58 points to 2,581. Bitcoin climbed $148 to $6,968.


The markets plunged during the midday with the Dow collapsing 741 points to 23,361. Nasdaq crashed 250 points to 6812.


China followed through on its threat to increase tariffs on U.S. products by raising import duties on 128 items. Pork and aluminum scrap were targeted with a 25% tariff while a 15% tariff was imposed on apples, grapes, sparkling wine, steel pipes, and walnuts. In 2017, China imported $1.1 billion of pork products while all American farm imports reached nearly $20 billion.


ESPN will launch its new ESPN+ streaming service next Thursday, April 12, 2018. The service will offer original content, daily Major League Baseball and National Hockey League games, live college sports events, and live PGA Tour coverage. Customers can subscribe for $4.99 per month or pay $49.99 per year.


Google expanded its Rolling Study Halls program to rural areas in 12 states. Free Google Wi-Fi service will be installed in 70 school buses from 16 school districts so that students can complete homework assignments on long rides to and from school. Access to the wi-fi service will be limited to Google Chromebooks that have been issued by schools and that only allow students to view certain school approved internet sites.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 1 on the NYSE and by nearly 5 to 1 on Nasdaq. The broader S&P 500 crashed 84 points to 2555. Bitcoin climbed $133 to $6,953.

China imposed tariffs on 128 products from the United States in retaliation for tariffs on imported Chinese aluminum and steel that the U.S. announced last month. The markets opened lower with the Dow losing 27 points to 24,076. Nasdaq tumbled 47 points to 7016.


On the upside


Walmart (NYSE: WMT) is reportedly exploring a potential acquisition of Humana (NYSE: HUM). 


Commvault Systems (Nasdaq: CVLT) issued a statement that the company has had initial discussions with activist investor Elliott Management.


Humana INYSE: HUM), MultiPlan, Quest Diagnostics (NYSE: DGX), and UnitedHealth Group (NYSE: UNH) launched a program applying blockchain technology to improve data quality and reduce administrative costs.

 

On the downside 


Alkermes (Nasdaq: ALKS) received a Refusal to File letter from the Food and Drug Administration for the biopharmaceutical's New Drug Application for its depression treatment ALKS 5461.


ICICI Bank (NYSE: IBN) was fined approximately $9 million for failing to comply with rules regarding the sale of government securities.


The Department of Justice is investigating reports that Ticketmaster parent company Live Nation (NYSE: LYV) pressured venues to use Ticketmaster to sell tickets.


In the broad market, declining issues outpaced advancers by a margin of more than 7 to 3 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 lost 7 points to 2,633. Bitcoin climbed $75 to $6,895.


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