Markets extend losses as IMF cuts forecast

The International Monetary Fund lowered its global economic growth forecast sending the markets tumbling with the Dow dropping 78 points to 17,432. Nasdaq held steady at 4,634.

On the upside

Susquehanna upgraded Micron Technology (Nasdaq: MU) from a Neutral rating to a Positive rating and lifted its price target from $31 to $38.

Rising gold prices lifted shares of Barrick Gold (NYSE: ABX).

Delta Air Lines (NYSE: DAL) reported a smaller than expected loss for the fourth quarter as revenue rose.

On the downside

Outerwall (Nasdaq: OUTR) announced the departure of chief executive officer J. Scott Di Valerio and appointed Nora M. Denzel as interim CEO.

SunTrust Robinson Humphrey downgraded Magnum Hunter (NYSE: MHR) from a Buy rating to a Neutral rating and slashed its price target from $7 to $2.50.

Altisource (Nasdaq: ASPS) named John Vella to the newly created position of chief revenue officer.

In the broad market, declining issues outpaced advancers by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 lost 5 points to 2013. Bitcoin slipped $2 to $210.