Mid-Afternoon Market Update: Dow Drops Over 50 Points; Edwards Lifesciences Shares Rise Following Positive Trial

Toward the end of trading Monday, the Dow traded down 0.33 percent to 17,733.52 while the NASDAQ declined 0.42 percent to 4,893.99. The S&P also fell, dropping 0.34 percent to 2,065.71.

On Monday, healthcare shares gained by 1.02 percent. Meanwhile, top gainers in the sector included

, up 17 percent, and

, up 12 percent. In trading on Monday, basic materials shares fell by 1.54 percent. Meanwhile, top losers in the sector included

, down 8 percent, and

, down 9 percent.

Alaska Air Group, Inc.

confirmed it has entered into an agreement to acquire Virgin America Inc

for $57.00 per share in cash. Alaska Air stated the transaction is expected to be accretive to its adjusted earnings per share in the first full year. The deal will increase its annual revenue by 27 percent to more than $7 billion, generate $225 million in total net synergies and "bolsters its platform for growth."

shares shot up 41 percent to $54.99 after

confirmed it has entered into an agreement to acquire the airline for $57.00 per share in cash. Shares of

got a boost, shooting up 32 percent to $13.19 after Brocade Communications Systems announced plans to buy Ruckus Wireless in a $1.5 billion deal.

shares were also up, gaining 17 percent to $105.18 after the company announced over the weekend results from a clinical study involving patients at intermediate risk for open-heart surgery.

shares dropped 18 percent to $15.83 following announcement of the FDA denial. Iradimed has been notified by the FDA that its 510(k) application was denied with a finding of non-substantial equivalence. Shares of

were down 18 percent to $22.90. Cowen & Company downgraded Smith & Wesson from Outperform to Market Perform. BB&T Capital also downgraded the stock from Buy to Hold. CL King downgraded Smith & Wesson from Buy to Neutral.

was down, falling around 15 percent to $9.09 as the company announced plans to buy Ruckus Wireless in a $1.5 billion deal.

In commodity news, oil traded down 2.91 percent to $35.72, while gold traded down 0.34 percent to $1,219.40. Silver traded down 0.64 percent Monday to $14.95, while copper fell 1.04 percent to $2.14.

European shares closed mostly higher today. The eurozone's STOXX 600 gained 0.40 percent, the Spanish Ibex Index fell 0.06 percent, while Italy's FTSE MIB Index dropped 0.77 percent. Meanwhile, the German DAX climbed 0.28 percent, and the French CAC 40 gained 0.53 percent, while U.K. shares rose 0.30 percent.

U.S. factory orders declined 1.70 percent for February, versus economists ‘expectations for a 1.70 percent drop.