Wholesale sales tumble, markets plunge

Sales at wholesale businesses dropped 3.1% in January to send the markets tumbling to a sharply lower open with the Dow collapsing 229 points to 17,765. Nasdaq plummeted 65 points to 4,876.

On the upside

Fourth quarter earnings slipped for Urban Outfitters (Nasdaq: URBN) but the results were better than expected.

Lumber Liquidators (NYSE: LL) will hold a conference call on Thursday to discuss product safety, provide an updated outlook for the first quarter and announce plans to focus on its customers.

Credit Suisse (NYSE: CS) named Tidjane Thiam to the position of chief executive officer.

On the downside

Akorn (Nasdaq: AKRX) affirmed its full year outlook but the stock price plunged after three more class action lawsuits were filed against the company yesterday.

Callon Petroleum (NYSE: CPE) priced its public offering of 9 million shares of common stock at a discounted price to raise nearly $59 million.

Calumet Specialty Products Partners (Nasdaq: CLMT) priced its public offering of 6 million common units at the discounted price of $26.75 per unit.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 2 on the NYSE and by 5 to 1 on Nasdaq. The broader S&P 500 plunged 24 points to 2055. Bitcoin added $3 to $290.
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