Midday Report: Disney Drops on ESPN Concerns; Stocks Fall

Stocks were sharply lower at midday in a volatile session to end the week. Volume was heavier than normal in this quadruple-witching session, one of four days of the year in which futures and options contracts expire at once. Disney (DIS) shares fell after BTIG Research downgraded to 'sell' with a $90 price target. The firm said Disney had overpaid for sports rights and that cable network profitability will underperform. Amazon (AMZN) is reportedly looking to lease 20 Boeing (BA) jets to use for its own deliveries. The e-commerce company is seeking an alternative to UPS which has struggled to keep up with demand. GlaxoSmithKline (GSK) agreed to buy Bristol-Myers' (BMY) pipeline of HIV drugs for up to $1.5 billion.