Mid-Day Market Update: Markets Turn Mixed, Colonial Properties Gains On Acquisition News

Midway through trading Monday, the Dow traded up 0.38 percent to 15,172.55, while the NASDAQ fell 0.85 percent to 3,426.44. The S&P was also down, dropping 0.19 percent to 1,627.58.

Cracker Barrel Old Country Store

reported a 30% rise in its fiscal third-quarter earnings. Cracker Barrel lifted its earnings forecast for the year to $4.75 to $4.85 per share, versus its earlier forecast of $4.60 to $4.80 per share. Cracker Barrel's quarterly profit surged to $24.6 million, or $1.02 per share, from $19 million, or $0.81 per share, in the year-ago period. The company had earlier expected earnings of $0.90 to $0.95 per share. Its revenue rose 5.2% to $640.4 million, versus analysts' estimates of $631 million.

Colonial Properties Trust

shot up, gaining 5.11 percent to $23.24, after Mid-America Apartment Communities

agreed to buy the company. MannKind

was also up 9.75 percent to $7.31 after the company completed a Phase 3 clinical study of AFREZZA. Clovis Oncology

got a boost, shooting up 126.98 percent to $83.03 after the company's CO-1686 demonstrated encouraging results from ongoing Phase I/II study in EGFR-mutant non-small cell lung cancer.

Infinity Pharmaceuticals

was down, falling 26.60 percent to $19.78 on Phase 1 data. Ariad Pharmaceuticals

shares tumbled 8.02 percent to $16.87 after the company announced long-term durability-of-response data from its Phase 1 trial of Iclusig. BioMarin Pharmaceutical

was down 8.36 percent to $57.46 after the company reported preliminary data on the ongoing Phase 1/2 study for its poly ADP-ribose polymerase (PARP) inhibitor BMN 673.

In commodity news, oil traded up 1.64 percent to $93.48, while gold gained 1.50 percent to $1,413.50. Silver traded up 2.53 percent Monday to $22.81, while copper rose 0.91 percent to $3.32.

European shares turned lower. The Eurozone Manufacturing PMI rose to 48.3 in May from 47.8 in April on expectations of a flat reading with all major countries reporting better than expected results in the report. The Spanish Ibex Index fell 0.44 percent and the Italian FTSE MIB Index dropped 0.91 percent. Meanwhile, the German DAX dipped 0.76 percent and the French CAC 40 declined 0.71 percent while U.K. shares tumbled 1.98 percent.

The final reading of Markit's manufacturing PMI rose to 52.3 in May, up from 52.1 in April. The ISM manufacturing index fell to 49.00 in May, versus a reading of 50.70 in April. However, economists were expecting a reading of 51.00. Construction spending surged 0.4% to an annual rate of $860.8 billion in April. However, economists were expecting spending to rise 0.90%.