The markets tumbled at the open with the Dow dropping 108 points to 16,512 as crude oil prices retreated. Nasdaq tumbled 40 points to 4,530.
On the upside
MKS Instruments (Nasdaq: MKSI) will acquire Newport (Nasdaq: NEWP) in an all cash transaction valued at approximately $980 million.
Valeant Pharmaceuticals (NYSE: VRX) may have to restate financials after an internal accounting review.
Haymaker Resources acquired mineral and royalty interests from affiliates of Chesapeake Energy (NYSE: CHK).
On the downside
The Food and Drug Administration issued a Refuse to File letter to PTC Therapeutics (Nasdaq: PTCT) for its nonsense mutation Duchenne muscular dystrophy treatment Translarna.
Chegg (NYSE: CHGG) reported lower fourth quarter revenue and forecast current quarter and full year revenue below expectations.
Fitbit (NYSE: FIT) reported sharply higher fourth quarter earnings and revenue but the company forecast current quarter earnings that fell far short of expectations prompting downgrades.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 5 on the NYSE and by more than 10 to 9 on Nasdaq. The broader S&P 500 fell 13 points to 1,931. Bitcoin dropped $12 to $423.
