Stocks sunk. Scoreboard:
S&P 500: 1,867.72, -0.90%
NASDAQ: 4,080.76, -1.38%
And now the top stories:
Twitter Combusts. Twitter shares got obliterated, falling nearly 18% to $31.80 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 $14.2 billion.
Trade. The Census said the trade deficit shrank in February , but by less than expected. "W e 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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