Mid-Day Market Update: Sprint Surges On Dish Network Offer, AuRico Gold Tumbles

Midway through trading Monday, the Dow traded down 0.82 percent to 14,742.61 while the NASDAQ dropped 1.19 percent to 3,255.64. The S&P also fell, declining 1.02 percent to 1,572.60.

The S&P 500 looks to be finding support today at 1580, with 1,595 acting as resistance above that. Next up, the Dow is finding support at 14,800, while 14,900 above looks to be acting as resistance. The NASDAQ has support at 3,270 with 3,310 as resistance above. Finally, the Russell looks to find support at its 20 EMA at 937.22, with 950 as resistance above that.

Citigroup

reported a 30% rise in its first-quarter profit. Citigroup's quarterly profit surged to $3.8 billion, or $1.23 per share, from $2.9 billion, or $1.11 per share, in the year-ago period. Its adjusted net income came in at $1.29 per share. Its total revenue rose to $20.5 billion, from $20.2 billion. However, analysts were expecting earnings of $1.17 per share on revenue of $20.16 billion. Its net interest margin widened to 2.94%.

Sprint Nextel

shot up 13.02 percent to $7.03 after Dish Network

offered to acquire the company in a $25.5 billion deal. Shares of Life Technologies

got a boost, shooting up 7.54 percent to $73.13 after Thermo Fisher

announced its plans to buy the company for $13.6 billion. Acorda Therapeutics

was also up, gaining 9.03 percent to $34.37 on Ampyra study.

IAMGOLD

was also down, falling 8.41 percent to $5.29 after the company reached a definitive agreement with the Government of the Republic of Suriname approved by the legislative authority of Suriname, the National Assembly. Shares of AuRico Gold

were down 10.51 percent to $5.11 after the company announced preliminary first quarter operational results. First Majestic Silver

shares tumbled 10.58 percent to $12.51. First Majestic's total production at its five operating mines in Mexico surged 36% y/y in the first quarter.

In commodity news, oil traded down 2.84 percent to $88.70, while gold traded down 8.07 percent to $1,380.30. Silver traded down 10.56 percent Monday to $23.55, while copper fell 2.82 percent to $3.26.

European shares traded lower following the Asian weakness creating global growth fears. The eurozone's trade balance for February grew to 10.4 billion euros from a downwardly revised 4.7 billion euro deficit in January, better than forecasts of a 3 billion euro surplus. The Spanish Ibex Index fell 0.33% while the Italian FTSE MIB Index dropped 0.96 percent. Meanwhile, the German DAX fell 0.41 percent and the French CAC dropped 0.50 percent and U.K. shares declined 0.64 percent.

The New York Fed's Empire State index declined to 3.1 points in April, versus estimates of a 7.8 reading. The NAHB housing-market index declined to 42 in April, versus 44 in March. However, economists were expecting the index to gain to 46 in April. The Treasury is set to auction 3- and 6-month bills.