First time applications for unemployment benefits rose last week while hiring by private employers slowed in June. The markets tumbled to open sharply lower with the Dow plummetng 102 points to 21,375. Nasdaq plunged 56 points to 6,094.
On the upside
HSN (Nasdaq: HSN) will be acquired by QVC owner Liberty Interactive (Nasdaq: QVCA) for approximately $2.1 billion.
Celgene (Nasdaq: CELG) acquired a 5.9% stake in BeiGene (Nasdaq: BGNE) and partnered with BeiGene to develop and commercialize BeiGene's investigational tumor cancer treatment BGB-A317.
RBC Capital upgraded ImmunoGen (Nasdaq: IMGN) from a Sector Perform rating to an Outperform rating.
On the downside
The Supreme Court of Guatemala temporarily suspended Tahoe Resources' (NYSE: TAHO) Escobar mining license.
Egalet (Nasdaq: EGLT) priced its public offering of approximately 16.7 million common shares at the discounted price of $1.80 per share.
Shares of Tesla (Nasdaq: TSLA) fell after Volvo announced that it will stop making conventional gas engines after 2019 to focus solely on hybrid and electric vehicles.
In the broad market, declining issues outpaced advancers by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 tumbled 15 points to 2,416. Bitcoin lost $11 to $2558.
