Concerns about the global economy sent the markets down sharply during the midday with the Dow sinking 219 points to 17,129. Nasdaq skidded 98 points to 4,920.
On the upside
Arch Coal (NYSE: ACI) stock continued to soar as the company negotiated with its lenders to avoid bankruptcy.
Eli Lilly’s (NYSE: LLY) positive trial results for its diabetes treatment lifted shares of Lexicon Pharmaceuticals (NYSE: LXRX), which is conducting clinical trials on it own diabetes treatment sotagliflozin.
Cantor Fitzgerald upgraded Lumber Liquidators (NYSE: LL) from a Hold rating to a Buy rating.
On the downside
Stage Stores (NYSE: SSI) disappointed with sharply lower second quarter earnings that fell far short of analyst expectations and lowered its full year earnings outlook.
Shares of Rayonier Advanced Materials (NYSE: RYAM) extended its losses.
Macrocure (Nasdaq: MCUR) warned that its venous leg ulcer treatment CureXcell(R) would fail a Phase 3 clinical trial prompting downgrades.
In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 plummeted 25 points to 2,054. Bitcoin rose $12 to $231.
