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00:00:00
setting the tone more evidence of a slowdown in China the world's second largest economy profited Chinese industrial firms plunged in August compared to year ago Dan Bern US financial markets editor for greater strength weakness in China cutting into the profit outlook for U. S. company me earnings outlook is really falling off a cliff in the last several weeks and there doesn't look to be an appreciable snapback in profits in the first quarter twenty sixteen that we are expecting say just for five weeks ago and that make stocks look pretty pricey but the biggest loser Monday the biotechs hit again by concerns they're coming under scrutiny in Washington biotech has been weak for several days you know we saw last week Hillary Clinton tweet about touring pharmaceuticals and drop price gouging well today we get eighteen members all of the Democrats on a key house committee speaking subpoena power for documents from valium pharmaceutical over the price increases it's been closed down a couple of hard drugs , you know valium is packed it down more than fifteen percent taken the rest of nasdaq where that and it's really inflicting some big losses on the major headlines that were big holders and value be like John Paulson bill Ackman Jeffrey Albin they're down by big dollars today , with today's sell off U. S. doctor now contract to close out their worth third quarter performance in four years