Markets crash on iPhone X production cuts

Consumer confidence rose in January but the markets plunged to open sharply lower with the Dow crashing 241 points to 26,198 as Apple cuts production of the iPhone X. Nasdaq plummeted 78 points to 7388.


On the upside


Callidus Software (Nasdaq: CALD) will be acquired by SAP for approximately $2.4 billion.


Blackstone Group has offered to take a 55% stake in Thomson Reuters' (NYSE: TRI) Financial and Risk business.


HCA Healthcare (NYSE: HCA) reported better than expected earnings for the fourth quarter and initiated a quarterly dividend of 35 cents per share payable on March 30, 2018 to shareholders of record on March 1, 2018.

On the downside


Scotts Miracle-Gro (NYSE: SMG) reported a greater than expected loss for the first quarter.


Parsley Energy (NYSE: PE) provided an operational update.


MetLife (NYSE: MET) delayed the release of its fourth quarter earnings, announced plans to increase its total reserves by up to $575 million and acknowledged that it failed to make pension plan payments prompting the Securities and Exchange Commission to question the insurer.


In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 tumbled 21 points to 2,832. Bitcoin collapsed $512 to $10,513.


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