Disappointing earnings along with a drop in January consumer sentiment sent the markets tumbling to a sharply owed open with the Dow plummeting 190 points to 15,658. Nasdaq dropped 33 points to 4089.
On the upside
Zynga (Nasdaq: ZNGA) will pay approximately $527 million to acquire NaturalMotion and announced plans to eliminate 314 jobs.
JDSU (Nasdaq: JDSU) reported higher second quarter earnings and revenue that beat analyst expectations and forecast current quarter revenue ahead of estimates.
Fourth quarter earnings fell for Manitowoc (NYSE: MTW) but the results were better than expected.
On the downside
Mattel (Nasdaq: MAT) reported higher fourth quarter earnings but the result fell short of expectations as revenue dropped.
CytRx (Nasdaq: CYTR) priced its public offering of 11.5 million common shares at the discounted price of $6.50 per share.
Fourth quarter earnings and revenue rose for MasterCard (NYSE: MA) but the results missed analyst expectations.
In the broad market, declining issues outpaced advancers by a margin of more than 3 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 dropped 15 points to 1778. Bitcoin gained $18.60 or 2.01% to $924.39.
