An unexpected increase in April durable goods orders lifted the markets to a higher open with the Dow climbing 76 points to 16,682. Nasdaq gained 39 points to 4,225.
On the upside
Pilgrim's Pride (Nasdaq: PPC) offered to acquire Hillshire Brands (NYSE: HSH) in cash deal valued at approximately $6.4 billion.
Shares of intellectual property development company Spherix (NYSE: SPEX) surged after a patent reform bill was removed from the Senate Judiciary Committee's calendar.
BioCryst Pharmaceuticals (Nasdaq: BCRX) reported positive results from a mid-stage clinical trial for its hereditary angioedema treatment BCX4161.
On the downside
Shares of Pinnacle Foods (NYSE: PF) fell on news of the Pilgrim's Pride deal. Hillshire Brands is in the process of purchasing Pinnacle in a deal valued at approximately $6.6 billion.
Investors locked in profits on Durata Therapeutics (Nasdaq: DRTX).
Frontline (NYSE: FRO) warned of weakness in the second quarter.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 climbed 9 points to 1910. Bitcoin fell $16.77 or 2.99% to $560.75.
