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September 01, 2020 10:18am
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Retailers disappoint, markets plunge

Major retailers disappointed by reporting weak earnings to send the markets tumbling to a sharply lower close with the Dow plunging 137 points to 16,374. Nasdaq dropped 28 points to 4,096.

On the upside 

Ophthotech (Nasdaq: OPHT) licensed the marketing rights for its experimental eye treatment Fovista to Novartis.

Insmed (Nasdaq: INSM) reported positive results from a Phase 2 study of its lung infection treatment ARIKAYCE.

DealReporter said that Doral Financial (NYSE: DRL) would sell its assets with the assistance of an advisor.

On the downside 

Chimerix (Nasdaq: CMRX) will offer 6.2 million common shares through a public offering.

Intercept Pharmaceuticals (Nasdaq: ICPT) withheld clinical trial information from the public about its liver disease treatment obeticholic acid.

Disappointing results from Dick’s Sporting Good’s (NYSE: DKS) golf business weighed down shares of Callaway Golf (NYSE: ELY).

In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 2 on the NYSE and by 3 to 1 on Nasdaq. The broader S&P 500 dropped 12 points to 1872. Bitcoin gained $40.12 or 8.32% to $482.16.

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