Markets tumble as earnings disappoint

The markets tumbled to close sharply lower with the Dow plunging 113 points to 17,982 as corporate earnings disappointed and crude oil prices fell. Nasdaq slipped 2 points to 4,945.


On the upside


TerraForm Global (Nasdaq: GLBL) said that it was not part of SunEdison's (NYSE: SUNE) bankruptcy filing and that it was not planning to file for bankruptcy protection.


JMP Securities initiated coverage of Endo International (Nasdaq: ENDP) with a Market Outperform rating.


Viacom (Nasdaq: VIAB) and Dish Network (Nasdaq: DISH) finalized a new multi-year content contract.

On the downside


Independence Contract Drilling (NYSE: ICD) increased its public offering from 8 million to 11.5 million common shares and priced the offering at a discounted price of $3.50 per share.


Hercules Offshore (Nasdaq: HERO) entered a Forbearance Agreement and First Amendment to its Credit Agreement.


Lithia Motors (NYSE: LAD) reported higher first quarter earnings and revenue but the company forecast current quarter and full year earnings that missed expectations.


In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 10 to 9 on Nasdaq. The broader S&P 500 dropped 10 points to 2,091. Bitcoin climbed $8 to $446.

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