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Stocks took it on the chin today after a mixed Januaryjobs report. While the headline Nonfarm Payrolls number missed estimates, wagesticked up and the Unemployment rate fell to 4.9%, leaving the outlook for ratehikes uncertain.

The Nasdaq 100 fell a staggering 3.5% while the S&P500 fell 1.9%. Technology stocks led the decline (XLK -2.8%) asmultiples contract across the board. The Nasdaq has been a market leader but its strongestconstituents ('FANG': FB -6%, AMZN -6%, NFLX -8%, GOOG -3%) were unable to hold onto gains despite solid reports over recent weeks.

Growth stocks are vulnerable when the momentum dries upand valuations come into question. Investors are seeking shelter as the technicaldamage in equities is palpable. The decline in another former leader, biotech stocks,was a leading indicator for the broader market's risk off sentiment.

The current environment is very unforgiving of companiesthat disappoint investors...  

Tableau (DATA) is fell a whopping 49% to an all-time lowafter the company beat quarterly estimates on the top and bottom line for theeleventh straight quarter, since its May 2013 IPO. However, the beat was muchmore modest than in the past and license revenue of $133 mln (+31%) actually missedestimates. The company also guided Q1 below estimates and lowered FY16 guidance.Management cited a weakness in the domestic market and downplayed competitivefears [Microsoft (MSFT) is delving more into DATA's big data market]. DATAstill trades at 7x FY16 sales estimates. Big data peer Splunk (SPLK) fell 23% while enterprisesoftware stocks gled the decline in the tech sector: ZEN -19%, CALD -16%, QLIK-15%, WDAY -16%, CRM -13%, NOW -11%.

LinkedIn (LNKD) is down the most in its five year history(44%) after beating Q4 estimates and guiding Q1 and FY16 well below consensus,marking a notable deceleration in growth. At least seven firms downgraded thestock this morning. LNKD typically guides conservatively but the loftyvaluation was in focus today. After today's 44% decline, LNKD still trades at33x FY16 adj. EPS estimates and 7x sales.

Enterprise software company Atlassian's (TEAM) stock is gettingcrushed despite beating Q2 estimates and guiding Q3 and FY16 above consensus.The stock is at new lows after going public last December.

Lumentum (LITE +7%) is a notable outperformer aftercompany beat Q3 estimates. Needham and MKM remained positive on the stock thismorning. LITE was spun off from Viavi (VIAV -0.8%), the former JDSU, lastsummer.

Symantec (SYMC +3%) has pared much of its gains after aflurry of news. PE firm Silver Lake invested $500 mln in SYMC after it soldVeritas to The Carlyle Group. The company also raised it capital return programto $5.5 billion, including a $4/share special dividend and beat Q2 estimates.

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