U.S. markets started the day off in positive territory before a steady downturn took over, marking one of the worst weeks of trading for stocks this year.
The Dow Jones Industrial Average fell 1.77%, or 425 points to 23,533, while the Nasdaq declined 2.43%, or 174 points to 6,993, and the S&P 500 fell 2.1%, or 55 points to 2,588.
Nike Climbs on Promise of North American Recovery
Nike (NKE) has faced pressure from German rival Adidas on its home turf, leading the company to report a 6% decline in third-quarter revenue in North America.
However, shares were rising more than 3% Friday after the company said that it expects revenue to be flat in the current quarter and grow in the first half of the next fiscal year.
The forecast led Jefferies analysts to declare that "Nike U.S. is back in business."
Elon Musk Takes a Stand Against Facebook, Removes Tesla, SpaceX
Elon Musk has joined the #deletefacebook movement at the behest of WhatsApp cofounder Brian Acton on rival platform Twitter, removing the pages for his SpaceX and Tesla (TSLA) from the social media platform.
Musk first claimed to not know what Facebook was, saying "What's Facebook?" A user then replied to Musk telling him to delete SpaceX's page on the network, to which Musk responded " I didn't realize there was one. Will do."
The pages have since disappeared from the network.
Nissan Plans to Sell 1 Million EVs Over the Next 5 Years
Nissan (NSANY) expects strong sales in China, Europe and Japan to help push sales of electric vehicles by the company to 1 million by 2023. The company is aiming for up to 40% of its sales in those countries to be comprised of battery-powered vehicles by that date.
This is not the first time Nissan has made bold goals for its EV business public. The company previously aimed to sell 1.5 million EVs by 2016, as of 2017 the company had only sold about half a million.
Nissan said that it plans to debut eight new electric vehicles by March 2023, starting this year with a new sedan in the Chinese market.
Dropbox Jumps Nearly 50% in Debut
Dropbox (DBX) had several upward revisions for its debut price this week and based on the early returns from its initial public offering Friday, that optimism was well placed.
Dropbox shares rose nearly 50% shortly after debuting on the Nasdaq Friday. The strong debut pushed the file sharing service's market cap above $10 billion.
Dropbox raised its debut price to $21 Thursday after raising it to a range between $18 and $20 earlier in the week after originally providing a range between $16 and $18.
Micron Downgraded at Citi on Flash Memory Pricing
Micron (MU) reported strong second-quarter results Thursday and provided equally strong guidance for the current quarter, but analysts at Citi weren't impressed.
The firm downgraded the company's shares on concerns that lower flash memory pricing will weigh on the company's bottom line later this year.
"We have had some concern on Micron stock for a few months due to our fears of NAND [flash memory] rolling over. NAND pricing declined over 10% QoQ for the first time in two years and the upside to estimates is diminishing," analyst Christopher Danely wrote. "We are lowering estimates and believe Consensus estimates could decline soon as well."
In spite of the negative outlook, Danely raised the company's price target to $60 from $55 per share.
Micron shares were down nearly 5% Friday morning.
U.S. Durable Goods Orders Jumped 3.1% in February
U.S.-made capital goods more than doubled economists expectations, rising 3.1% in February after analysts expected an increase of 1.5%.
Orders for non-defense capital goods excluding aircraft jumped 1.8%, the largest gain in five months. Economists expected non-defense capital goods orders to increase 0.8% In January those orders fell 0.4%.
Steve Wynn No Longer Has Any Wynn Resorts Shares
Wynn Resorts (WYNN) co-founder Steve Wynn has officially exited his position in the company, selling the remainder of his stake on Thursday.
Wynn sold about a third of his 12.1 million shares on Wednesday and followed up by selling the rest yesterday.
The move comes after the Wall Street Journal published a report in January where former employees made sexual assault allegations against the casino magnate.
The value of the Thursday sale was $1.4 billion. Wynn sold 4.1 million shares on Wednesday at an average price of $180 per share.
Facebook Faces Multiple Shareholder Lawsuits Over Data Misuse
Jeremiah Hallisey, a Facebook (FB) shareholder, filed a lawsuit in North Carolina alleging that the company's senior management "breached their fiduciary duties by failing to prevent the initial misappropriation [of user data by CA] and, after learning of it in 2015, failing to inform affected Facebook users or the public markets."
Hallisey's suit is one of at least four that were filed in federal court this week, according to SF Gate.
The suit notes that Facebook has lost $50 billion in market capitalization since the data leak was made public.
Facebook shares were up 1.3% in morning trading Friday.
U.S. futures were indicating a soft open Thursday after markets sold off sharply during Thursday's session.
Dow futures were down 0.18%, indicating an open 43 points lower, while Nasdaq futures fell 0.4%, indicating an open 27 points lower and S&P futures fell 0.07%, indicating an open 2 points lower.
World markets were also feeling the pain Friday as the stock selloff went global. Markets in Asia suffered the most with the Nikkei dropping 4.51%, the Hang Seng falling 2.45% and the Shanghai Composite declined 3.39%.
In Europe, the DAX was leading the way lower, falling 1.72% while the CAC 40 declined 1.55% and the FTSE 100 dropped 0.63% with a little over four hours left in trading.