Stocks sunk. Scoreboard:
DOW: 16,418.20, -0.68%
S&P 500: 1,815.69, -0.95%
NASDAQ: 4,093.00, -1.09%
And now the top stories:
Twitter Combusts. Twitter shares got obliterated, falling nearly 18% to $US31.80 after its corporate lockup ended, meaning employees could begin selling their shares, although execs like Dick Costolo are not.
Social Media Swan Dive. Twitter took other social media stocks down with it. Yelp fell 12%. LinkedIn lost 6%. Facebook was down 4%.
Tesla Tanks. Tesla fell more than 3.5%. Late last night it withdrew a trademark for the “Model E,” which is supposed to be half the price of a Model S. In a statement to BI, Tesla said it was not related to the rollout of the Gen-3 production timeline.
French Rejection. The French government rejected GE’s bid for conglomerate Alstom’s power holdings.
Merck Drops Unit. The pharma giant said it would sell its entire over-the-counter unit to Bayer for $US14.2 billion.
Trade. The Census said the trade deficit shrank in February, but by less than expected. “We are inclined to see these swings in exports and imports mostly as post-winter corrections; the trend in the core deficit is about flat,” said Pantheon Macro’s Ian Shepherdson.
Earnings. Stay tuned for earnings from First Solar, Disney, Whole Foods, and Trip Advisor
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