Investors Dislike Facebook Acquisition, Markets Plunge

The markets closed sharply lower with the Dow tumbling 98 points to 16,268 as investors disliked Facebook's latest acquisition and avoided Candy Crush maker King Digital Entertainment's IPO. Nasdaq plunged 60 points to 4173.

On the upside

Steelcase (NYSE: SCS) swung to a greater than expected profit for the fourth quarter prompting an upgrade.

Bloomberg reported that Dish Network (Nasdaq: DISH) chief executive Charlie Ergen discussed a possible merger with DirectTV chief executive Mike White.

China XD Plastics (Nasdaq: CXDC) impressed with sharply higher fourth quarter earnings that more than tripled.

On the downside


Body Central (Nasdaq: BODY) fell to a greater than expected loss for the fourth quarter.

Caesars Entertainment will not renew its cash access agreements with Global Cash Access Holdings (NYSE: GCA).

Real Goods Solar (Nasdaq: RGSE) narrowed losses for the fourth quarter but revenue fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of nearly 2 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 droped 13 points to 1852. Bitcoin slipped $1.89 or 0.32%% to $581.86.

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