Merger and acquisition news lifted the markets to a higher open with the Dow soaring 100 points to a record 16,684. Nasdaq leaped 59 points to 4,131.
On the upside
Hillshire Brands (NYSE: HSH) will pay a premium of approximately $4.28 billion to acquire Pinnacle Foods (NYSE: PF).
Kandi Technologies (Nasdaq: KNDI) fell to a loss for the first quarter but revenue surged.
Gulf Resources (Nasdaq: GURE) reported sharply higher first quarter revenue that more than doubled as revenue climbed.
On the downside
Core Laboratories (NYSE: CLB) lowered its second quarter and full year outlook.
Bronte Capital took a short position on Insys Therapeutics (Nasdaq: INSY).
Investors locked in profits on Doral Financial (NYSE: DRL).
In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by nearly 4 to 1 on Nasdaq. The broader S&P 500 climbed 14 points to 1893. Bitcoin rose $1.79 or 0.41% to $437.39.
