U.S. indices were mixed Monday morning, attempting to reverse the downturn they experienced in trading last week.
The Dow Jones Industrial Average was up 0.1% midday, while the S&P 500 was basically even. The Nasdaq was the lone index in the red, falling 0.1%.
Declining crude prices put negative pressure on the markets, with Brent crude for May delivery dropping $0.46 to $39.98 per barrel while West Texas crude declined $0.31 to $39.15 per barrel.
Any bump from the updated fourth-quarter gross domestic product seems to have dissipated. The U.S. Commerce Department said Friday that the GDP increased at a 1.4% annualized rate, up from its previous estimate of 1%.
Starwood Hotels (HOT) was rising midday Monday after a consortium led by Chinese insurer Anbang upped its unsolicited bid for the hotel chain. Starwood had already agreed to a merger with Marriott Internationals (MAR), but that deal has not been finalized and could be broken if Starwood finds Anbang's bid more appealing.
Pandora Media (P) shares tanked 10% after the company's founder Tim Westergren returned as its CEO, replacing Brian McAndrews. Westergren founded the Internet music streaming company in 2000 and served as its president and CEO from 2002 to 2004.
Shares of SunEdison (SUNE) were up nearly 13% after the company's coverage was suspended by analysts at the Cowen, citing reports of debtor-in-possession negotiations, legal uncertainty and a lack of financials. Until Monday, Cowen had an Outperform rating on the company with a $10 price target.
Valeant Pharmaceuticals (VRX) was down almost 8% after the company's outgoing CEO was subpoenaed to testify at a Senate hearing. Michael Pearson will testify at an April 27 hearing in front of a committee that has been investigating how pharmaceutical companies operate more as hedge funds while increasing drug prices.