Lower open despite drop in jobless claims

First time applications for unemployment benefits fell last week but the markets opened lower with the Dow plunging 106 points to 17,609 over global economic concerns. Nasdaq fell 34 points to 4,886.


On the upside


Telsey Advisory Group upgraded Wynn Resorts (Nasdaq: WYNN) from a Market Perform rating to an Outperform rating.


A majority of Valeant Pharmaceuticals' (NYSE: VRX) loan holders agreed to amend debt terms.


H.C. Wainwright initiated coverage of Viking Therapeutics (Nasdaq: VKTX) with a Buy rating and a $6.00 price target.


On the downside


The Food and Drug Administration has placed a clinical hold on a CARDIO-TTR study of Ionis Pharmaceuticals' (Nasdaq: IONS) IONIS-TTR in patients with TTR amyloid cardiomyopathy.


Investors locked in profits on Freeport-McMoRan (NYSE: FCX).


Fourth quarter earnings for CarMax (NYSE: KMX) topped estimates but the stock price fell.


In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 fell 11 points to 2,054. Bitcoin held steady at $418.

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