Mid-Afternoon Market Update: Crude Oil Down Over 5%; Sarepta Therapeutics Shares Drop Amid Efficacy Concern Related To Eteplirsen

Toward the end of trading Friday, the Dow traded down 2.19 percent to 16,019.72 while the NASDAQ dipped 2.56 percent to 4,496.66. The S&P also fell, dropping 1.99 percent to 1,883.57. Leading and Lagging SectorsOn Friday, utilities shares slipped by just 1.7 percent. Meanwhile, top gainers in the sector included Delta Natural Gas Company, Inc. (NASDAQ: DGAS), up 0.5 percent, and Connecticut Water Service Inc (NASDAQ: CTWS), up 0.5 percent. In trading on Friday, energy shares dipped by 4.7 percent. Meanwhile, top losers in the sector included Atwood Oceanics, Inc. (NYSE: ATW), down 16 percent, and SM Energy Co (NYSE: SM), down 16 percent.Top HeadlineWells Fargo & Co (NYSE: WFC) reported better-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' estimates.Wells Fargo reported quarterly net income of $5.71 billion, or $1.03 per share, on revenue of $21.59 billion in the period. Analysts were expecting earnings of $1.02 per share on revenue of $21.8 billion.Equities Trading UP Alon Blue Square Israel Ltd (NYSE: BSI) shares shot up 10 percent to $5.47 after the company announced the receipt of additional offer for holdings in Blue Square Real Estate.Shares of Synutra International, Inc. (NASDAQ: SYUT) got a boost, shooting up 24 percent to $4.76 after the company reported the receipt of preliminary non-binding "going private" proposal for $5.91 in cash per share. Code Rebel Corp (NASDAQ: CDRB) shares were also up, gaining 89 percent to $4.10 after the company reported that it has entered into a non-binding Letter of Intent to engage in a merger with Aegis Identity Software, Inc. Equities Trading DOWN Sarepta Therapeutics Inc (NASDAQ: SRPT) shares dropped 54 percent to $14.42 after the FDA released a briefing document related to the company's Eteplirsen. According to the FDA's document, the data provided by Sarepta Therapeutics did not provide statistical evidence to support the efficacy of eteplirsen.Shares of Bioamber Inc (NYSE: BIOA) were down 29 percent to $4.15. BioAmber priced 2.6 million common shares at $5 per share. PROS Holdings, Inc. (NYSE: PRO) was down, falling around 21 percent to $15.21 after the company narrowed its sales forecast. Stifel Nicolaus downgraded Pros Holdings from Buy to Hold.CommoditiesIn commodity news, oil traded down 5.38 percent to $29.52, while gold traded up 1.55 percent to $1,090.20. Silver traded up 1.21 percent Friday to $13.92, while copper fell 1.67 percent to $1.94.EurozoneEuropean shares closed lower today. The eurozone's STOXX 600 dipped 2.82 percent, the Spanish Ibex Index dropped 2.78 percent, while Italy's FTSE MIB Index fell 3.07 percent. Meanwhile, the German DAX slipped 2.54 percent, and the French CAC 40 fell 2.38 percent, while U.K. shares declined 1.93 percent.EconomicsThe Empire State manufacturing index declined to negative 19.4 in January, compared to a revised negative 6.2 in December. Economists were expecting a negative reading of 4.US retail sales slipped 0.1 percent in December, versus economists' expectations for a 0.1 percent drop.US producer price index declined 0.2 percent in December, versus economists' expectations for a 0.2 percent decline.US industrial production declined 0.40 percent in December, versus economists' estimates of 0.20 percent drop.US business inventories dropped 0.20 percent in November, versus economists' expectations for a 0.10 percent decline.The University of Michigan's consumer sentiment index rose to a reading of 93.3 in January, versus a prior reading of 92.60. However, economists were expecting a reading of 93.00.