Concerns about economy sink stocks

Concerns about the nation's economy sent the markets tumbling to a sharply lower close with the Dow collapsing 251 points to 17,164. Nasdaq plunged 48 points to 4,635.

On the upside

The Food and Drug Administration granted Breakthrough Therapy Designation to Intercept Pharmaceuticals (Nasdaq: ICPT) for its investigational product obeticholic acid to treat patients with nonalcoholic steatohepatitis with liver fibrosis.

Performant Financial (Nasdaq: PFMT) withdrew its proposed public offering of convertible senior notes and common stock.

Gigamon (NYSE: GIMO) swung to a better than expected profit for the fourth quarter as revenue climbed.

On the downside

Tuesday Morning (Nasdaq: TUES) reported higher second quarter earnings and revenue but the results fell short of expectations.

Green Dot (NYSE: GDOT) fell to a greater than expected loss for the fourth quarter and forecast full year earnings below estimates.

Unisys (NYSE: UIS) disappointed with sharply lower fourth quarter earnings and revenue that missed expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 plummeted 26 points to 1994. Bitcoin lost $5 to $225.
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