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September 01, 2020 10:18am
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Markets drop as building permits fall

July housing starts climbed but building permits fell to weigh the markets down during the midday with the Dow losing 35 points to 17,509. Nasdaq fell 27 points to 5,064.

On the upside

Inteliquent (Nasdaq: IQNT) entered a three year agreement to provide IP voice services to T-Mobile (NYSE: TMUS).

The Food and Drug Administration issued a favorable response letter to Evoke Pharma (Nasdaq: EVOK) for its proposed pediatric study plan for EVK-001.
 
A gain in home builder sentiment lifted share of Hovnanian Enterprises (NYSE: HOV).
 
On the downside

BMO Capital Markets downgraded Amira Nature Foods (NYSE: ANFI) from an Outperform rating to a Market Perform rating.

Falling aluminum prices weighed down shares of Century Aluminum (Nasdaq: CENX).

The Food and Drug Administration will not require Esperion Therapeutics (Nasdaq: ESPR) to complete a cardiovascular outcomes trial for ETC-1002 but concerns remained about the scope of further clinical trials.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 lost 6 points to 2,096. Bitcoin fell $4 to $251.

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