Dow drops over 900 points as markets continue slide Stocks had their worst day of the year after China escalated the trade war with the U.S. by allowing its currency to be devalued to its lowest level in more than a decade. China's yuan sank below 7 per U.S. dollar, a level which had previously been viewed as a "line in the sand," roiling markets in the U.S. and around the world as the threat of a protracted conflict between the world's two economic superpowers rises. ECONOMIC EVENTS: In the U.S., Markit's final services PMI rose to 53.0 in July, up from the 52.2 preliminary figure and from 51.5 in June. However, the ISM nonmanufacturing index fell another 1.4 points to a 3-year low of 53.7 in July, disappointing expectations. In Fed news, the U.S. Federal Reserve announced that Federal Reserve Banks will develop a "new round-the-clock real-time" payment and settlement service, called the FedNow Service, to "support faster payments in the United States." In China, a services PMI reading fell to a 5-month low at 51.6. In Europe, the Eurozone services PMI dipped to 53.2. TOP NEWS: New Media (NEWM) and Gannett (GCI) announced an agreement under which New Media will acquire Gannett in a cash-and-stock deal. Under the terms of the pact, shareholders of Gannett will receive $6.25 in cash and 0.5427 of a New Media share for each Gannett share they hold, representing total consideration of $12.06 per Gannett common share based on New Media's closing stock price as of August 2. The combined company's management team will be led by New Media chairman and CEO Michael Reed after closing, which is expected to occur by the end of 2019. Following the news, shares of Gannett, which also reported quarterly results, gained 2.6%, while New Media closed 7.2% lower. Amid the market's broad selloff, Tyson Foods (TSN) was a standout on the plus side, rising 5% after the meat producer's quarterly earnings beat expectations. Tyson's president and CEO noted that the company's volume growth in its core retail lines continues to outpace other large food companies, driven primarily by new product innovation. Shares of Cars.com (CARS) plunged 34.5% after the company announced that it concluded its strategic review process without finding any "actionable bids," meaning it will remain an independent public company. Cars.com also reported worse than expected second quarter revenue and forecast its 2019 revenue will decline 6% to 9% compared to the prior fiscal year. Meanwhile, Bloomberg reported that Williams (WMB) is working with Global Infrastructure Partners on a possible bid for Noble Midstream Partners (NBLX), the midstream unit of Noble Energy (NBL). The companies are among groups that are in talks to take the midstream business private, according to Bloomberg. MAJOR MOVERS: Among the noteworthy gainers was Allakos (ALLK), which surged 110.5% after reporting results from its placebo-controlled trial of AK002 in patients with eosinophilic gastritis and/or eosinophilic gastroenteritis. Also higher was Sapiens (SPNS), which gained 6% after reporting quarterly results. Among the noteworthy gainers was GlycoMimetics (GLYC), which dropped 69.3% after reporting that Pfizer (PFE) announced that the Phase 3 Rivipansel Evaluating Safety, Efficacy and Time to Discharge, or RESET, pivotal study did not meet its primary or key secondary efficacy endpoints. Also lower was On Semiconductor (ON), which fell 10.7% after reporting quarterly results. INDEXES: The Dow fell 767.27, or 2.9%, to 25,717.74, the Nasdaq lost 278.03, or 3.47%, to 7,726.04, and the S&P 500 declined 87.31, or 2.98%, to 2,844.74. Symbols: $NEWM $GCI $TSN $CARS $WMB $NBLX $NBL $ALLK $SPNS $GLYC $PFE $ONSource: (thefly.com)Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.