Mid-Morning Market Update: Markets Open Higher; Amgen To Acquire Onyx For $10.4B

Following the

Monday, the Dow traded up 0.10 percent to 15,025.24 while the NASDAQ surged 0.32 percent to 3,669.41. The S&P also rose, gaining 0.19 percent to 1,666.59.

Amgen

announced its

Onyx Pharmaceuticals

for $10.4 billion. Under terms of the deal, Amgen will buy Onyx for $125 per share in cash. Amgen projects the deal to complete at the beginning of the fourth quarter.

Qihoo 360 Technology Co

shot up 8.64 percent to $79.45 after the company reported upbeat Q2 results. Shares of Onyx Pharmaceuticals

got a boost, shooting up 5.74 percent to $123.67 after Amgen

announced its plans to buy the

$10.4 billion. Amgen

was also up, gaining 5.26 percent to $111.15 after the company announced its plans to

Pharmaceuticals

for $125 per share. Analysts at Piper Jaffray upgraded Amgen from Neutral to Overweight.

Shares of Tyson Foods

were down 3.35 percent to $30.42 after analysts at Bank of America downgraded the stock from Buy to Neutral. CNH Global NV

shares tumbled 2.54 percent to $48.53 after the company announced the resignation of its Chief Financial Officer Pablo Di Si. Microsoft

was down, falling 1.65 percent to $34.18. On Friday, the company reported that its CEO Ballmer will step down within the next 12 months. Nomura

reiterated its Buy rating on the stock.

In commodity news,

to $106.15, while gold traded down 0.06 percent to $1,394.90. Silver traded up 1.59 percent Monday to $24.16, while copper rose 0.51 percent to $3.37.

European shares

today. The Spanish Ibex Index dropped 0.49 percent, while Italy's FTSE MIB Index tumbled 2.05%. Meanwhile, the German DAX gained 0.04 percent and the French CAC 40 dropped 0.22 percent.

US durable-goods orders declined 7.3% in July, versus economists' expectations for a 4.9% fall. However, core durable-goods orders dropped 0.60% in the month. The Treasury is set to auction 4-week, 3- and 6-month bills.