Mid-Afternoon Market Update: S&P Looks To Close At All-Time High As Analogic Takes A Hit On Preliminary Results

Toward the end of trading Tuesday, the Dow traded up 0.45 percent to 16,681.76 while the NASDAQ surged 1.05 percent to 4,229.94. The S&P also rose, gaining 0.57 percent to 1,911.51.

Leading and Lagging Sectors
Financial sector was the top gainer in the US market on Tuesday. Meanwhile, top gainers in the sector included Citizens CIA, up 6.4 percent, and State Auto Financial STFC, up 4.7 percent. In trading on Tuesday, energy shares were relative laggards, down on the day by about 0.34 percent.

Top losers in the sector included Frontline FRO, down 16.7 percent, and Oiltanking Partners LP OILT, off 8.3 percent.

Top Headline
Pilgrim's Pride PPC offered to buy Hillshire Brands HSH in an all-cash transaction valued at $6.4 billion. Pilgrim's Pride will offer $45 per share in cash, representing a 24% premium to Hillshire's closing price of $36.23 on Friday.

Equities Trading UP
BioCryst Pharmaceuticals BCRX shares shot up 10.61 percent to $9.97 following the announcement of OPuS-1 Phase 2a trial meeting primary and secondary endpoints.

Shares of Arrowhead Research ARWR were also on the rise, gaining 11.94 percent to $12.75 despite little in the way of headlines on the name.

The Hillshire Brands Company HSH shares were also up, gaining 22.47 percent to $45.33 on a $45.00 bid from Pilgrim's Pride PPC.

Equities Trading DOWN
Shares of Analogic ALOG were 11.79 percent to $67.85 after the company issued a downbeat Q3 forecast and lowered its FY14 revenue outlook.

Pinnacle Foods PF shares tumbled 6.06 percent to $31.25 on proposed Pilgrim's Pride PPC acquisition of Hilshire HSH.

Cardtronics CATM was down as well, falling 9.91 percent to $28.90 after the company was mentioned cautiously by Kerrisdale Capital in a piece on Seeking Alpha.

Commodities
In commodity news, oil traded down 0.22 percent to $104.12, while gold traded down 1.90 percent to $1,267.10.

Silver traded down 1.54 percent Tuesday to $19.14, while copper rose 0.17 percent to $3.17.

Eurozone
European shares were mostly higher today.

The eurozone's STOXX 600 gained 0.22 percent, the Spanish Ibex Index rose 0.20 percent, while Italy's FTSE MIB Index declined 0.42 percent.

Meanwhile, the German DAX climbed 0.47 percent and the French CAC 40 surged 0.06 percent while UK shares rose 0.38 percent.

Economics
US durable goods-orders rose 0.8% in April, versus economists' expectations for a 0.8% drop.

The FHFA house price index rose 0.70% in March, versus economists' expectations for a 0.50% gain.

The S&P/Case-Shiller home price index increased 0.9% in March. However, home prices rose 12.4% y/y in March.

The flash reading of Markit PMI services index rose to 58.40 in May, versus a prior reading of 55.00.

The Conference Board's consumer confidence index rose to 83.00 in May, versus a prior reading of 82.30. However, economists were expecting a reading of 83.00.

The Richmond Fed manufacturing index came in at 7.00 in May, versus a previous reading of 7.00. However, economists were estimating a reading of 8.00.

The Dallas Fed general business activity index fell to 8.00 in May, versus a prior reading of 11.70. However, economists were projecting a reading of 9.50.