Mid-Day Market Update: Gogo Surges On Upbeat Results; Core Laboratories Shares Slide

Midway through trading Monday, the Dow traded up 0.59 percent to 16,680.95 while the NASDAQ jumped 1.45 percent to 4,130.89. The S&P also rose, gaining 0.78 percent to 1,893.06.

Leading and Lagging Sectors
Basic materials shares jumped about 1.72 percent in Monday's trading. Leading the sector was strength from Century Aluminum Co CENX and Horsehead Holding ZINC. In trading on Monday, utilities shares dropped by 0.13 percent.

Meanwhile, top losers in the sector included Exelon EXC, down 1.2 percent, and Vectren VVC, off 2.3 percent.

Top Headline
Hillshire Brands Co HSH announced its plans to buy Pinnacle Foods PF for around $6.6 billion including debt. Hillshire will offer $18.00 in cash and 0.50 shares of its common stock for each Pinnacle share.

Equities Trading UP
Tesaro TSRO shares shot up 18.28 percent to $28.40 after the company reported successful primary and secondary endpoints in final Phase 3 trial for rolapitant.

Shares of Pinnacle Foods PF got a boost, shooting up 14.15 percent to $34.76 after Hillshire Brands Co HSH announced its plans to buy Pinnacle Foods for around $6.6 billion including debt.

Gogo GOGO shares were also up, gaining 8.89 percent to $12.99 after the company reported upbeat Q1 results. Gogo posted a quarterly loss of $16.9 million, or $0.20 per share, versus a year-ago loss of $32.5 million, or $4.77 per share.

Equities Trading DOWN
Shares of Core Laboratories NV CLB were 18.47 percent to $154.17 after the company lowered its forecast for the second quarter and FY14.

Bridgepoint Education BPI shares tumbled 11.37 percent to $14.11 after the company announced a Q1 preliminary loss of $0.10 per share on sales of $160.5 million. The company also reported that it will be unable to file 10Q by May 12th.

The Hillshire Brands Company HSH was down, falling 6.47 percent to $34.56 after the company announced its plans to buy Pinnacle Foods.

Commodities
In commodity news, oil traded up 0.65 percent to $100.64, while gold traded up 0.84 percent to $1,298.40.

Silver traded up 2.48 percent Monday to $19.60, while copper rose 2.06 percent to $3.15.

Eurozone
European shares were higher today.

The eurozone's STOXX 600 gained 0.71 percent, the Spanish Ibex Index rose 0.76 percent, while Italy's FTSE MIB Index climbed 0.48 percent.

Meanwhile, the German DAX jumped 1.26 percent and the French CAC 40 surged 0.37 percent while UK shares rose 0.55 percent.

Economics
The U.S. Treasury monthly budget report for April will be released at 2:00 p.m. ET.