Mid-Morning Market Update: Markets Open Higher; Hormel Foods Raises Full-Year Forecast

Following the market opening Tuesday, the Dow traded up 0.83 percent to 16,106.08 while the NASDAQ climbed 1.57 percent to 4,405.72. The S&P also rose, gaining 1.04 percent to 1,884.13.

On Tuesday, technology shares surged by 1.88 percent. Meanwhile, top gainers in the sector included

, up 18 percent, and

up 13 percent. In trading on Tuesday, utilities shares rose by just 0.02 percent. Meanwhile, top losers in the sector included

, down 3 percent, and

, down 1.5 percent.

reported a rise in its profit for the fiscal year 2016 first quarter and raised its forecast for the year. For 2016, Hormel Foods now expects earnings of $1.50 to $1.56 per share, versus prior outlook of $1.43 to $1.48 per share. Hormel reported quarterly earnings of $235.1 million, or $0.43 per share, compared to $171.7 million, or $0.32 per share, in the year-ago period. Its revenue declined 4.3 percent to $2.29 billion. Analysts projected a profit of $0.37 per share on revenue of $2.4 billion.

shares shot up 51 percent to $40.59 after the company agreed to be acquired by funds affiliated with

for $42.00 per share in cash. Shares of

got a boost, shooting up 18 percent to $3.40 following Friday's Alibaba filing showing a 5.6 percent stake in the company.

shares were also up, gaining 19 percent to $6.34 after the company reported upbeat Q4 results.

shares dropped 39 percent to $8.43 after a report from Star Telgram said that

is suing Gogo and looking to switch Internet providers. Shares of

were down 33 percent to $2.69 following the report of failed TNX-201 results.

was down, falling around 28 percent to $13.40 after the company reported downbeat quarterly results and issued a weak full-year forecast.

In commodity news, oil traded up 0.17 percent to $29.49, while gold traded down 1.98 percent to $1,214.90. Silver traded down 2.63 percent Tuesday to $15.38, while copper rose 2.24 percent to $2.08.

European shares were mostly lower today. The eurozone's STOXX 600 fell 0.50 percent, the Spanish Ibex Index dropped 0.32 percent, while Italy's FTSE MIB Index declined 0.19 percent. Meanwhile, the German DAX dropped 0.90 percent, and the French CAC 40 slipped 0.08 percent, while U.K. shares rose 0.35 percent.

The Empire State manufacturing index rose to negative 16.64 for February, compared to negative 19.37 in January. However, economists were expecting a reading of negative 10.00. The NAHB housing market index slipped to 58.00 in February, versus a previous reading of 60.00. However, economists were expecting a reading of 60.00.