Dropbox Down 10% Despite Beating Expectations

Megan Higgins, manager at Adviser Investments, has the market analysis for Friday, August 10. U.S. and global markets declined in response to the Turkish lira’s steep value reduction (down 50% against the U.S. dollar thus far this year). Turkey currently ranks as the 17th largest global economy; however, its impact on U.S. companies is significantly less than those in the euro zone. Meanwhile, the Consumer Price Index was released, indicating annualized growth just under 3%. We also saw Dropbox fall 10% in early trading—despite beating second quarter earnings and revenue expectations—following the announced departure of Chief Operating Officer Dennis Woodside.