Mid-Afternoon Market Update: Dow Falls Over 400 Points; Advanced Micro Devices Shares Drop After Disappointing Guidance

Toward the end of trading Wednesday, the Dow traded down 2.57 percent to 15,604.85 while the NASDAQ dipped 1.54 percent to 4,408.16. The S&P also fell, dropping 2.35 percent to 1,837.22.

On Wednesday, healthcare shares slipped by just 0.7 percent. Meanwhile, top gainers in the sector included

, up 15 percent, and

, up 12 percent. In trading on Wednesday, energy shares dipped by 4.50 percent. Meanwhile, top losers in the sector included

, down 19 percent, and

, down 12 percent.

reported a drop in its fourth-quarter earnings. The bank's quarterly net income applicable to common shareholders dropped to $574 million, or $1.27 per share, compared to $2.03 billion, or $4.38 per share, in the year-ago quarter. However, the company's earnings per share included a settlement with the RMBS Working Group which reduced its earnings per share by $3.41. Net revenue fell 5.4 percent to $7.27 billion Analysts were expecting earnings of $3.53 per share on revenue of $7.07 billion. Annualized ROE was 3.0 percent for the fourth quarter.

shares shot up 71 percent to $9.62 as the company reported that Phase 3 obesity drug trial has achieved its co-primary efficacy endpoint. Shares of

got a boost, shooting up 8 percent to $34.14. On Tuesday, Benzinga reported a source said

could be interested in acquiring the company. Spokespeople for The Medicines Co. and Mallinckrodt declined to comment on the report. Bloomberg reported on Wednesday that Medicines Company is exploring a sale of itself. According to Reuters, the company has been in talks with potential buyers related to three specific business units: Infectious disease care, surgery, perioperative care units.

shares were also up, gaining 26 percent to $3.78. Kingtone Wirelessinfo Solution reported fiscal year 2015 net income of around $1.0 million, versus a year-ago net loss of approximately $1 thousand. The company expects revenue of $7 million to $10 million and net income of $0 to $0.8 million for the fiscal year ending September 30, 2016.

shares dropped 25 percent to $5.56. Cowen & Company downgraded Fluidigm from Outperform to Market Perform. Shares of

were down 20 percent to $3.07 after the company disclosed it has added more hedges to protect its cash flows. WPX Energy said that approximately 75 percent of its anticipated oil volumes for 2016 are hedged "well above" the current market price. The company expanded that it now has 29,380 barrels of oil per day hedged at $60.85 per barrel.

was down, falling around 7 percent to $1.82. AMD reported in-line loss for its fourth quarter. However, the company issued a weak revenue forecast for the current quarter.

In commodity news, oil traded down 6.99 percent to $26.47, while gold traded up 1.46 percent to $1,105.00. Silver traded up 0.42 percent Wednesday to $14.18, while copper fell 0.28 percent to $1.97.

European shares closed lower today. The eurozone's STOXX 600 fell 3.20 percent, the Spanish Ibex Index slipped 3.20 percent, while Italy's FTSE MIB Index declined 4.83 percent. Meanwhile, the German DAX fell 2.82 percent, and the French CAC 40 dropped 3.45 percent, while U.K. shares dipped 3.46 percent.

US housing starts dropped 2.5 percent to an annual rate of 1.15 million in December. However, economists were projecting a 1.6 percent gain. The consumer price index slipped 0.1 percent in December.