Mid-Afternoon Market Update: Crude Oil Down 3%; Biocryst Pharmaceuticals Shares Drop Following Announcement of Failed Avoralstat Trial Results

Toward the end of trading Monday, the Dow traded down 2.40 percent to 15,816.12 while the NASDAQ dropped 3.27 percent to 4,220.41. The S&P also fell, dropping 2.57 percent to 1,831.83. Leading and Lagging SectorsOn Monday, non-cyclical consumer goods & services shares fell by just 1.1 percent. Meanwhile, top gainers in the sector included Farmer Brothers Co. (NASDAQ: FARM), up 7 percent, and Tyson Foods, Inc. (NYSE: TSN) up 4 percent. In trading on Monday, financial shares tumbled by 3.5 percent. Meanwhile, top losers in the sector included Xinyuan Real Estate Co., Ltd. (ADR) (NYSE: XIN), down 16 percent, and Kayne Anderson Energy Development Co. (NYSE: KED), down 10 percent.Top HeadlineHasbro, Inc. (NASDAQ: HAS) reported stronger-than-expected results for its fourth quarter. Hasbro earned $1.39 per share in the quarter on revenue of $1.47 billion. Wall Street analysts were expecting the company to earn $1.30 per share on revenue of $1.37 billion.Equities Trading UP Apollo Education Group Inc (NASDAQ: APOL) shares shot up 20 percent to $8.34 after the company confirmed it will be taken private in a transaction which values the company at $1.1 billion. Apollo Education reported that it has agreed to sell itself to a consortium of investors for $9.50 per share in cash for both its Class A and Class B shares. The consortium of investors includes The Vistria Group, funds affiliated with Apollo Global Management LLC (NYSE: APO) and Najafi Companies.Shares of Sientra Inc (NASDAQ: SIEN) got a boost, shooting up 10 percent to $9.46 after the company reported that all of its medical devices will return to the U.S. market from March 1st, 2016. Kinross Gold Corporation (USA) (NYSE: KGC) shares were also up, gaining 9 percent to $2.52. BMO Capital upgraded Kinross Gold from Market Perform to Outperform.Equities Trading DOWN CTI BioPharma Corp (NASDAQ: CTIC) shares dropped 60 percent to $0.444 after the company disclosed that it has received a written communication from the U.S. Food and Drug Administration. According to CTI BioPharma, the FDA said in its letter that it has placed a partial clinical hold on the clinical studies being conducted by BioPharma under its Investigational New Drug application for pacritinib.Shares of BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) were down 68 percent to $1.98 after the company reported disappointing results from a clinical trial. The company's ongoing study, OPuS-2 was a a clinical trial of avoralstat administered three times daily as a liquid-filled soft gel formulation for the prophylactic treatment of hereditary angioedema attacks. Chesapeake Energy Corporation (NYSE: CHK) was down, falling around 35 percent to $1.99 following reports that the company is exploring restructuring options. Bloomberg reported in late 2015 that Chesapeake Energy hired Evercore Partners to help it reorganize $11.6 billion of debt. CNBCNow, citing a report by Reuters, Tweeted on Monday that Chesapeake Energy has hired the services of Kirkland & Ellis, a restructuring attorney to explore restructuring options.CommoditiesIn commodity news, oil traded down 3.01 percent to $29.96, while gold traded up 3.52 percent to $1,198.50. Silver traded up 4.65 percent Monday to $15.47, while copper fell 0.67 percent to $2.09.EurozoneEuropean shares closed lower today. The eurozone's STOXX 600 fell 3.54 percent, the Spanish Ibex Index fell 4.44 percent, while Italy's FTSE MIB Index declined 4.69 percent. Meanwhile, the German DAX fell 3.30 percent, and the French CAC 40 slipped 3.20 percent, while U.K. shares fell 2.71 percent.EconomicsThere were no major US economic releases Monday.