The markets plummeted to close sharply lower with the Dow crashing 295 points to 16,153 as crude oil settled below $30 per barrel. Nasdaq collapsed 103 points to 4,516.

On the upside

Rumors circulated that Pacific Biosciences (Nasdaq: PACB) may be acquired by Roche.

Fabrinet (NYSE: FN) impressed with sharply higher second quarter earnings and revenue that surpassed analyst expectations and forecast current quarter results ahead of estimates.

Anavex Life Sciences (Nasdaq: AVXL) will present at the 18th Annual BIO CEO & Investors Conference on February 9, 2016.

On the downside

Pixelworks (Nasdaq: PXLW) announced the resignation of chief executive officer Bruce Walicek and reported a preliminary loss for the fourth quarter.

Plantronics (NYSE: PLT) disappointed with lower third quarter earnings that fell short of expectations and forecast current quarter earnings below estimates prompting a downgrade.

Several law firms have initiated investigations into possible breach of fiduciary duties by Cobalt International Energy (NYSE: CIE) officers and directors.

In the broad market, declining issues outpaced advancers by a margin of nearly 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 plunged 36 points to 1,903. Bitcoin added $2 to $376.