Mid-Afternoon Market Update: Dow Falls 75 Points; Eleven Biotherapeutics Shares Spike Higher

Toward the end of trading Monday, the Dow traded down 0.42 percent to 17,789.63 while the NASDAQ declined 0.69 percent to 4,860.69. The S&P also fell, dropping 0.50 percent to 2,085.56. Leading and Lagging Sectors On Monday, utilities shares slipped by just 0.1 percent. Top gainers in the sector included Artesian Resources Corporation ARTNA and Companhia de Saneamento Basico (ADR) SBS. In trading on Monday, telecommunications services shares tumbled by 0.92 percent. Meanwhile, top losers in the sector included Cellcom Israel Ltd. CEL, down 10 percent, and Hawaiian Telcom HoldCo Inc HCOM, down 4 percent. Top Headline Microsoft Corporation MSFT announced Monday morning it has reached an agreement to acquire LinkedIn Corp for $196 per share, or $26.2 billion, inclusive of LinkedIn's net cash. As part of the agreement, Jeff Weiner will remain CEO of LinkedIn and will report directly to Microsoft's CEO Satya Nadella. The transaction has already been unanimously approved by the Board of Directors of both companies and is expected to close by the end of 2016. Equities Trading UP Eleven Biotherapeutics Inc EBIO shares shot up 47 percent to $2.75 after the company reported announced the signing of exclusive license agreement with Roche covering IL-6 antagonist antibody. The company also reported that that it has submitted an Investigational New Drug application to the FDA to initiate a Phase 1 clinical trial of EBI-031 for ocular diseases. Shares of LinkedIn Corp LNKD got a boost, shooting up 47 percent to $192.30 after Microsoft announced plans to acquire LinkedIn for $196 per share. Smith & Wesson Holding Corp SWHC shares were also up, gaining 8 percent to $23.04 following Orlando shootings on Sunday. Gun stocks, including Smith & Wesson, rose as the shooting could result in a surge of gun sales to individuals looking to protect themselves. Equities Trading DOWN Marinus Pharmaceuticals Inc MRNS shares dropped 70 percent to $1.58 as the company reported top-line results from Phase 3 trial in adult focal onset seizures. In this trial, ganaxolone did not meet the primary endpoint. Shares of BioScrip Inc BIOS were down 17 percent to $2.36 as the company said it struck a deal to acquire HS Infusion Holdings Inc. in a synergistic, transformational and accretive transactions with considerable gains for all stake holders. The company also announced a proposed stock offering for HS Infusion acquisition. Argos Therapeutics Inc ARGS was down, falling around 18 percent to $6.07 as the company reported that the independent data monitoring committee has recommended the continuation of ADAPT Phase 3 clinical trial of AGS-003 for the treatment of metastatic renal cell carcinoma following interim data review. Commodities In commodity news, oil traded down 0.94 percent to $48.61 while gold traded up 0.85 percent to $1,286.70. Silver traded up 0.58 percent Monday to $17.43, while copper rose 1.03 percent to $2.05. Eurozone European shares closed lower today. The eurozone's STOXX 600 fell 1.84 percent, the Spanish Ibex Index dropped 2.20 percent, while Italy's FTSE MIB Index slipped 2.91 percent. Meanwhile the German DAX declined 1.80 percent, and the French CAC 40 fell 1.85 percent, while U.K. shares fell 1.16 percent. Economics There were no major US economic releases Monday.