Stocks crushed as trade war fears materialize

Stocks crushed with FAANGS taking the brunt of it. And, Apple reportedly planning its next move with high-end headphones and Airpods. We have the latest. Plus, the FDA approves its first cannabis-based the drug. The next frontier for pharma … is it already here? Catch The Final Round at 3:55 ET p.m. with Jen Rogers, Yahoo Finance markets correspondent Myles Udland and Yahoo Finance Editor-in-Chief Andy Serwer.

Winners and losers

Stocks in the red include Estee Lauder as Morgan Stanley downgrades the stock to Equal Weight, citing valuation and other short term risk factors; Carnival as the cruise operator gave a weaker-than-expected outlook on growing fuel costs; and Intel, with shares dropping as Nomura Instinet downgraded the chipmaker to Neutral, claiming the search for the company’s next CEO will add to concerns over the company’s strategy. Intel’s CEO was forced to step down last week.

Stocks in the green include Xerium Technologies as the provider of industrial products and services will be acquired by Andritz for $833 million in an all-cash deal; Gray Television as the Atlanta based company will buy rival Raycom Media in a $3.65 billion deal, creating the third largest US local TV owner; and Campbell Soup, with shares piping hot as the NY Post reports Kraft Heinz is interested in buying the packaged foods company. Campbell had previously announced a strategic review of the company.