Midday Report: Pandora Falls as Deal Hopes Drop; Health Care Weighs on Markets

Health care dragged on Wall Street in a jittery day of trading. Drugmakers were the biggest decliners after President Trump reasserted his promise to lower drug prices, though failed to detail his plans to do so. Michaels (MIK) - Get Report rose after topping analysts' estimates in its fourth quarter and guiding for a better-than-expected full year. The arts and crafts retailer anticipated 2017 earnings of at least $2.05 a share, higher than $2.02 consensus. Pandora (P) fell after Liberty Media's CEO said an acquisition was unlikely as the music-streaming service was currently overvalued. Hopes were high Liberty would make an offer. Snap (SNAP) - Get Report plummeted in a continued downswing following the highs of last week. The disappearing message app had rocketed higher in its market debut on Thursday, before concerns rose that its shares were overvalued.