The nation's first quarter economic growth was revised upward but the markets opened lower with the Dow falling 42 points to 21,412. Nasdaq plunged 64 points to 6,170.
On the upside
Constellation Brands (NYSE: STZ) reported higher first quarter earnings that beat analyst expectations.
Rumors circulated that Select Comfort (Nasdaq: SCSS) may be acquired.
Lululemon Athletic (Nasdaq: LULU) director Glenn Murphy purchased 100,000 shares of company stock.
On the downside
Walgreens (Nasdaq: WBA) ended its plans to acquire Rite Aid (NYSE: RAD) and will instead buy 2,186 Rite Aid stores for $5.175 billion.
The termination of Walgreens' (Nasdaq: WBA) merger with Rite Aid (NYSE: RAD) ended plans for Fred's (NYSE: FRED) to buy 865 Rite Aid stores.
First quarter revenue for Pier 1 Imports (Nasdaq: PIR) fell more than expected.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 fell 8 points to 2,432. Bitcoin dropped $36 to $2522.
