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Midday Report: Rite Aid-Walgreens Deal Backlash; Immigration Ban Snarls U.S. Stocks

Stocks reacted negatively to chaos over the weekend following President Trump's executive order on immigration.

Stocks reacted negatively to chaos over the weekend following President Trump's executive order on immigration. The ban imposed on seven Muslim-majority countries led to political backlash and protests at airports.

Pending home sales moved higher in December as demand continued to drive strength in the housing market. Pending sales, in which a contract has been signed but the deal has not yet closed, rose at a pace far higher than expected.

Rite Aid (RAD) - Get Rite Aid Corporation Report was slammed after it agreed with Walgreens (WBA) - Get Walgreens Boots Alliance Inc Report to lower its acquisition price. The pharmacy chain could go for $6.50 to $7 a share, depending on divestitures tied to regulatory approval.

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Fitbit (FIT) - Get Fitbit, Inc. Class A Report  fell after cutting its fourth-quarter outlook on a slowdown in demand in the wearables market. The company also announced plans to cut 6% of its workforce to reduce expenses.