Mid-Morning Market Update: Markets Fall, Yahoo To Acquire Tumblr

Following the market opening Monday, the Dow traded down 0.16 percent to 15,329.97, while the NASDAQ fell 0.05 percent to 3,497.34. The S&P was also down, dropping 0.15 percent to 1,664.99.

Yahoo!

announced its plans to acquire blogging network Tumblr for around $1.1 billion. Yahoo shares dropped 0.45% to $26.40 following the news.

Websense

shot up, gaining 28.58 percent to $24.73, after the company entered into a definitive agreement to be bought by Vista Equity Partners. Pactera Technology International

was also up 32.13 percent to $6.95, after the company announced receipt of going private proposal. ACADIA Pharmaceuticals

got a boost, shooting up 5.12 percent to $13.95 after the company's stock has been added to the NASDAQ Biotechnology Index.

Team

was down, falling 8.52 percent to $38.65, after the company cut its Q4 earnings forecast. Raven Industries

shares tumbled 7.03 percent to $32.01 on fiscal 2014 first-quarter results. Ruby Tuesday

was down 2.42 percent to $9.47 after Wells Fargo downgraded the stock from “outperform” to “market perform.”

In commodity news, oil traded down 0.68 percent to $95.37, while gold dropped 1 percent to $1,351.10. Silver traded down 3.77 percent Monday to $21.51, while copper fell 0.12 percent to $3.32.

European shares were mixed today. The Spanish Ibex Index fell 1.48 percent and the Italian FTSE MIB Index dropped 1.22 percent. Meanwhile, the German DAX rose 0.17 percent and the French CAC 40 fell 0.15 percent while U.K. shares added 0.35 percent.

The Chicago Fed's national activity index declined to negative 0.53 in April, versus negative 0.23 in March. Chicago Fed President Charles Evans will speak along with a three and six month bill auction.