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September 01, 2020 10:18am
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Oil glut sends markets tumbling

An oil glut continued to weigh down crude oil prices. The markets tumbled to close lower with the Dow plummeting 162 points to 17,568. Nasdaq slipped 3 points to 5,098.

On the upside

Pieris Pharmaceuticals (Nasdaq: PIRS) entered a research collaboration and license agreement with Roche.

The Food and Drug Administration approved Eagle Pharmaceuticals’ (Nasdaq: EGRX) BENDEKA to treat chronic lymphocytic leukemia and indolent B-cell non-Hodgkin lymphoma.

Bargain hunters lifted shares of Bon-Ton Stores (Nasdaq: BONT).

On the downside

Shares of FuelCell Energy (Nasdaq: FCEL) continued falling.

Harmonic (Nasdaq: HLIT) offered approximately $75 million in cash to acquire Thomson Video Networks.

Seadrill Partners (NYSE: SDLP) extended its contracts with Chevron Thailand Exploration and Production for the T-15 and T-16 tender rigs but the dayrate was lowered.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 dropped 14 points to 2,062. Bitcoin added $2 to $394.

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