Markets tumble as OPEC meets

The markets opened sharply lower with the Dow tumbling 113 points to 18,147 as OPEC met in Algiers. Nasdaq fell 28 points to 5,277.


On the upside


Array BioPharma (Nasdaq: ARRY) reported positive results from Part 1 of a Phase 3 COLUMBUS study of LGX818 to treat patients with BRAF-mutant melanoma.


Chemtura (NYSE: CHMT) will be acquired by Laxness for a premium of approximately $2.5 billion.


GW Pharmaceuticals (Nasdaq: GWPH) reported positive results from a second Phase 3 pivotal trial for Epidiolex.


On the downside


The Food and Drug Administration issued a complete response letter to Pain Therapeutics (Nasdaq: PTIE) saying that its New Drug Application for Remoxy ER could not be approved in its current form.


DURECT (NYSE: DRRX) licensed to Pain Therapeutics (Nasdaq: PTIE) the exclusive right to develop and commercialize REMOXY ER.


The Motley Fool wrote that Himax Technologies (Nasdaq: HIMX) was the better buy in the virtual and augmented reality space.


In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 fell 9 points to 2,155. Bitcoin climbed $6 to $606.

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