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September 01, 2020 1:37pm
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Markets plunge as earnings disappoint

Disappointing earnings sent the markets tumbling to open sharply lower with the Dow plunging 125 points to 26,061. Nasdaq dropped 38 points to 7347.


On the upside


Viavi Solutions (Nasdaq: VIAV) reported better than expected results for the second quarter and announced plans to acquire the Test and Measurement business of Cobham.


Mattel (Nasdaq: MAT) fell to an unexpected loss for the fourth quarter but sales of its popular Barbie dolls and Hot Wheels cars rose.


Tableau Software (NYSE: DATA) reported a smaller than expected loss for the fourth quarter.

On the downside


Weatherford International (NYSE: WFT) widened losses for the fourth quarter significantly.


Shell Midstream Partners (NYSE: SHLX) will sell approximately 36 million common units.


Deutsche Bank (NYSE: DB) was fined $70 million for attempting to manipulate a benchmark rate.


In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by 9 to 2 on Nasdaq. The broader S&P 500 fell 13 points to 2,808. Bitcoin plunged $307 to $8,582.


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