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Markets plunge as savings tumble

The markets closed sharply lower with the Dow plummeting 177 points to 26,439 as the nation's savings and savings rate both tumbled to their lowest levels in more than a decade. Nasdaq dropped 39 points to 7466.


On the upside


Immersion (Nasdaq: IMMR) entered settlement and license agreements with Apple (Nasdaq: AAPL).


Ballard Power Systems (Nasdaq: BLDP) expects to report record revenue of approximately $120 million for fiscal 2017.


Seaport Global Securities upgraded Matson (NYSE: MATX) from a Neutral rating to a Buy rating.

On the downside


VMware (NYSE: VMW) is reportedly exploring the possibility of acquiring Dell Technologies (NYSE: DVMT) in a reverse merger.


Sohu.com (Nasdaq: SOHU) widened losses for the fourth quarter.


Alder Biopharmaceuticals (Nasdaq: ALDR) will offer $200 million in convertible senior notes.


In the broad market, declining issues outpaced advancers by a margin of 9 to 2 on the NYSE and by nearly 7 to 3 on Nasdaq. The broader S&P 500 tumbled 19 points to 2,853. Bitcoin crashed $506 to $11,205.


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