Mid-Afternoon Market Update: Dow Tumbles Over 300 Points; Cyberark Shares Gain Following Merger Chatter

Toward the end of trading Wednesday, the Dow traded down 1.88 percent to 16,205.86 while the NASDAQ dipped 2.78 percent to 4,555.78. The S&P also fell, dropping 2.08 percent to 1,898.34. Leading and Lagging Sectors On Wednesday, utilities shares declined by 0.37 percent. Meanwhile, top gainers in the sector included RGC Resources Inc. RGCO, up 4 percent, and Brookfield Infrastructure Partners L.P. BIP, up 4 percent. In trading on Wednesday, cyclical consumer goods & services shares tumbled by 2.37 percent. Meanwhile, top losers in the sector included American Axle & Manufact. Holdings, Inc. AXL, down 16 percent, and Halozyme Therapeutics, Inc. HALO, down 16 percent. Top Headline CSX Corporation CSX reported better-than-expected earnings for the fourth quarter, but the company's revenue missed analysts' estimates. Equities Trading UP Cyberark Software Ltd CYBR shares shot up 22 percent to $46.35. Haaretz reported that Check Point Software Technologies Ltd. CHKP is in talks to acquire the company. Shares of Nobilis Health Corp HLTH got a boost, shooting up 11 percent to $2.64. Nobilis Health reported upbeat Q3 results and reported that it has completed earlier announced financial restatement. Qunar Cayman Islands Ltd QUNR shares were also up, gaining 6 percent to $40.26. Ctrip.com International, Ltd. (ADR) CTRP reported a deal to make certain investments via a limited partnership capital contribution in several non-U.S. investment entities. The investment entities "will acquire a significant minority stake of Qunar Cayman Islands Limited, or Qunar, from Qunar's shareholders through privately negotiated transactions, using cash and/or Ctrip's ordinary shares as purchase consideration," according to the release. Equities Trading DOWN Multi-Fineline Electronix, Inc. MFLX shares dropped 20 percent to $13.14 after the company reported weak preliminary Q4 revenue. Shares of Intelsat SA I were down 12 percent to $2.93. Goldman Sachs downgraded Intelsat from Neutral to Sell and lowered the price target from $7.00 to $3.00. SUPERVALU INC. SVU was down, falling around 16 percent to $5.03. SUPERVALU reported Q3 earnings of $0.16 per share on revenue of $4.11 billion. Commodities In commodity news, oil traded down 0.13 percent to $30.40, while gold traded up 0.63 percent to $1,092.00. Silver traded up 2.76 percent Wednesday to $14.13, while copper fell 0.26 percent to $1.95. Eurozone European shares closed higher today. The eurozone's STOXX 600 gained 0.41 percent, the Spanish Ibex Index rose 0.21 percent, while Italy's FTSE MIB Index jumped 0.85 percent. Meanwhile, the German DAX slipped 0.25 percent, and the French CAC 40 climbed 0.30 percent, while U.K. shares gained 0.54 percent. Economics The Federal Open Market Committee released its Beige Book report.