Mid-Morning Market Update: Markets Open Lower; Smith & Wesson Beats Q4 Expectations

Following the market opening Friday, the Dow traded down 0.20 percent to 17,697.56 while the NASDAQ declined 0.57 percent to 4,817.08. The S&P also fell, dropping 0.26 percent to 2,072.69.

On Friday, energy shares rose by 0.80 percent. Top gainers in the sector included

and

. In trading on Friday, technology shares tumbled by 0.77 percent. Meanwhile, top losers in the sector included

, down 13 percent, and

, down 12 percent.

posted upbeat results for its fourth quarter and issued a strong forecast for the year. Fourth quarter EPS of $0.66 and revenue of $221.1 million (up 22.2 percent year-over-year) beat the Street's consensus by $0.12 and $6.55 million, respectively.

shares shot up 48 percent to $13.75 as

agreed to acquire the company for $14.00 per share in cash, for an enterprise value of around $870 million. Shares of

got a boost, shooting up 18 percent to $3.80. Sky Solar Holdings reported a loss of $823 thousand or a low of $0.002 per share in the first quarter compared to a net income of $2.6 million or $0.01 per share in the year-ago quarter. Street estimated a loss of $0.06 a share.

shares were also up, gaining 19 percent to $5.40. Teekay Offshore reported a $200 million private placement.

shares dropped 17 percent to $6.10. GlycoMimetics priced public offering of 3.3 million shares at $6.10 per share. Shares of

were down 13 percent to $13.97. Comtech priced its 7.145 million share offering at $14.00 per share.

was down, falling around 11 percent to $53.57. Synaptics announced plans to reduce workforce by 160 jobs, according to form 8-K.

In commodity news, oil traded up 2.19 percent to $47.22 while gold traded down 0.47 percent to $1,292.30. Silver traded down 1.09 percent Friday to $17.42, while copper rose 0.66 percent to $2.06.

European shares were higher today. The eurozone's STOXX 600 climbed 1.39 percent, the Spanish Ibex Index rose 1.99 percent, while Italy's FTSE MIB Index jumped 3.14 percent. Meanwhile the German DAX gained 1.14 percent, and the French CAC 40 climbed 1 percent, while U.K. shares rose 1.18 percent.

U.S. housing starts declined 0.3 percent to an annual pace of 1.16 million in May. However, economists were projecting a 1.15 million pace.