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September 01, 2020 10:18am
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Markets plunge as durable goods orders drop

Durable goods orders dropped 2% in August sending the markets tumbling to a sharply lower open with the Dow crashing 242 points to 16,037. Nasdaq plummeted 64 points to 4,688.

On the upside

Arrowhead Research (Nasdaq: ARWR) reported positive data from a Heparc-2001 Phase 2a study of ARC-520 to treat chronic hepatitis B.

Clinical data for Capnia’s (Nasdaq: CAPN) CoSense was published online in Neonatology and will appear in the January 2016 print edition.

Arch Coal (NYSE: ACI) extended its private debt exchange offers.

On the downside

A jury found that Samsung and Google (Nasdaq: GOOG) did not infringe on Pendrell’s (Nasdaq: PCO) patents.

Caterpillar (NYSE: CAT) cut its 2015 revenue outlook and will eliminate approximately 5,000 jobs by the end of 2016.

JPMorgan downgraded DigitalGlobe (NYSE: DGI) from an Overweight rating to a Neutral rating.

In the broad market, declining issues outpaced advancers by a margin of 7 to 2 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 plunged 22 points to 1,915. Bitcoin added $2 to $231.

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