Chronicle Journal: Finance

Sharply lower open over continued concerns about China’s economy

A sharp drop in China’s Shanghai Composite Index sent domestic markets tumbling with the Dow plunging 119 points to 17,448. Nasdaq dropped 25 points to 5,062.

On the upside

The Food and Drug Administration approved a second protocol for MediciNova’s (Nasdaq: MNOV) MN-001 for NASH patients with hypertriglyceridemia.

Teva (NYSE: TEVA) abandoned its hostile bid for Mylan (Nasdaq: MYL) and has offered $40.5 billion in cash and stock to buy Allergan’s (NYSE: AGN) generic drug business.
 
Xueda Education Group (NYSE: XUE) will merge with Xiamen Insight Investment.
 
On the downside

BioLineRx (Nasdaq: BLRX) development partner Bellerophon reported disappointing results from a PRESERVATION I clinical trial of BioLineRx’s BL-1040.

Republic Airways (Nasdaq: RJET) warned of sharply lower second quarter earnings.

Stifel Nicolaus downgraded SFX Entertainment (Nasdaq: SFXE) from a Buy rating to a Hold rating.

In the broad market, declining issues outpaced advancers by a margin of nearly 3 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 lost 9 points to 2069. Bitcoin slipped $4 to $285.

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