Crude oil drops, markets fall

Crude oil prices fell during the midday to send the markets lower with the Dow dropping 78 points to 17,349. Nasdaq tumbled 50 points to 4,589.

On the upside

Novogen (Nasdaq: NVGN) scientists identified a family of compounds with an ability to promote growth and activity of normal brain stem cells.

Chapman Capital bought a stake in Ocwen Financial (NYSE: OCN).

Rising gold prices lifted shares of Goldcorp (NYSE: GG), Kinross Gold (NYSE: KGC) and Newmont Mining (NYSE: NEM).

On the downside

JPMorgan downgraded Insulet (Nasdaq: PODD) from an Overweight rating to a Neutral rating and slashed its price target from $45 to $35.

Investors locked in profits on Sorrento Therapeutics (Nasdaq: SRNE).

Citigroup (NYSE: C) blamed significant legal fees and restructuring charges for sharply lower fourth quarter earnings that fell short of expectations.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 fell 12 points to 1999. Bitcoin climbed $48 to $216.
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