Mid-Day Market Update: Dow Slides 200 Points; Multi-Fineline Electronix Shares Surge Following Acquisition News

Midway through trading Friday, the Dow traded down 1.25 percent to 16,211.10 while the NASDAQ dropped 2.72 percent to 4,387.10. The S&P also fell, dropping 1.68 percent to 1,883.36. Leading and Lagging Sectors On Friday, utilities shares fell by just 0.2 percent. Meanwhile, top gainers in the sector included Companhia Paranaense de Energia (ADR) ELP, up 4 percent, and American Midstream Partners LP AMID up 3 percent. In trading on Friday, technology shares tumbled by 3.08 percent. Meanwhile, top losers in the sector included LinkedIn Corp LNKD, down 41 percent, and Sierra Wireless, Inc. (USA) SWIR, down 23 percent. Top Headline LinkedIn Corp LNKD reported better-than-expected results for its fourth quarter, but the company issued a weak forecast for the first quarter. The company outlined fiscal year 2016 non-GAAP EPS of $3.05-$3.20 and $3.6-$3.65 billion in revenue, a far cry from $3.67 EPS and $3.91 billion estimates. In terms of Q4 earnings, the company reported non-GAAP EPS of $0.94, beating expectations of $0.78. Equities Trading UP Multi-Fineline Electronix, Inc. MFLX shares shot up 38 percent to $22.68 after the company agreed to be acquired by Suzhou Dongshan Precision Manufacturing Co., Ltd. for $23.95 share in cash. MFLEX reported Q4 earnings of $0.41 per share on revenue of $169 million. Shares of Ubiquiti Networks Inc UBNT got a boost, shooting up 17 percent to $32.78 after the company reported better-than-expected Q2 results. LeapFrog Enterprises, Inc. LF shares were also up, gaining 71 percent to $0.967 following announcement of acquisition by VTech Holdings for $1.00 per share in cash. Equities Trading DOWN Linn Energy LLC LINE shares dropped 53 percent to $0.570 after the company reported plans to explore strategic alternatives related to its capital structure. Shares of Tableau Software Inc DATA were down 47 percent to $43.12. Tableau Software posted upbeat results for the fourth quarter on Thursday. According to Mizuho's Abhey Lamba, the company missed license revenue estimates. LinkedIn Corp LNKD was down, falling around 41 percent to $114.27. LinkedIn reported better-than-expected results for its fourth quarter, but the company issued a weak forecast for the first quarter. Commodities In commodity news, oil traded down 0.41 percent to $31.59, while gold traded down 0.11 percent to $1,156.20. Silver traded down 0.27 percent Friday to $14.81, while copper fell 1.43 percent to $2.10. Eurozone European shares were mostly lower today. The eurozone's STOXX 600 fell 0.92 percent, the Spanish Ibex Index surged 0.28 percent, while Italy's FTSE MIB Index declined 2.08 percent. Meanwhile, the German DAX fell 1.20 percent, and the French CAC 40 slipped 0.76 percent, while U.K. shares fell 0.79 percent. Economics The U.S. economy added 151,000 new jobs in January, while the unemployment rate declined to 4.9 percent. However, economists were projecting an addition of 190,000 nonfarm jobs. The U.S. trade deficit widened 2.7 percent to $43.4 billion in December, compared to $42.2 billion in November. U.S. exports declined 0.3 percent to $181.5 billion, while imports increased 0.3 percent to $224.9 billion in December.