Apple must pay $14.5 billion in back taxes, markets open lower

The markets opened lower with the Dow falling 55 points to 18,447 as Apple is ordered to pay $14.5 billion in back taxes to Ireland. Nasdaq lost 5 points to 5,227.


On the upside


Rigel Pharmaceuticals (Nasdaq: RIGL) reported positive results from a Phase 3 study of fostamatinib to treat adult chronic/persistent immune thrombocytopenia.


Abt Electronics is the first retailer in the nation to carry Turtle Beach's (Nasdaq: HEAR) HyperSound Clear 500P home audio system.


Ritchie Bros. (NYSE: RBA) will acquire used equipment e-commerce site IronPlanet for approximately $758.5 million and has entered a strategic alliance with Caterpillar (NYSE: CAT).


On the downside


Abercrombie & Fitch (NYSE: ANF) widened second quarter losses more than expected as revenue dropped.


G-III Apparel Group (Nasdaq: GIII) fell to an unexpected loss for the second quarter prompting the company to lower its full year forecast.


Mondelez (Nasdaq: MDLZ) has ended its efforts to acquire Hershey (NYSE: HSY).


In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 fell 4 points to 2,175. Bitcoin added $3 to $576.

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