Pound drops again, markets open sharply lower

The pound dropped again to fall to a three decade low sending the markets tumbling to a sharply lower open with the Dow plunging 102 points to 17,738. Nasdaq lost 15 points to 4,807.

On the upside

Forward Industries (Nasdaq: FORD) extended a supply agreement with a Global Healthcare provider.

Rising gold prices lifted shares of Harmony Gold (NYSE: HMY).

Melrose Industries will pay a premium of approximately $2.8 billion to acquire Nortek (Nasdaq: NTK).

On the downside

JPMorgan said that Lloyds Banking Group (NYSE: LYG) and Royal Bank of Scotland (NYSE: RBS) are the two UK banks with the most exposure to commercial real estate market.

Credit Suisse downgraded United Continental (NYSE: UAL) from an Outperform rating to a Neutral rating and slashed its price target from $64 to $42.

GlobeImmune (Nasdaq: GBIM) will delist from Nasdaq.

In the broad market, declining issues outpaced advancers by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 3 on Nasdaq. The broader S&P 500 lost 8 points to 2,080. Bitcoin added $1 to $662.

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