U.S. indices were mixed midday Monday with the Dow Jones Industrial Average the lone laggard.
The Dow was down 0.3%, while the Nasdaq was climbing 0.4% (looking for its first two session winning streak in nearly a month) and the S&P 500 basically even with less than three hours left in trading.
Falling crude prices were acting as a headwind against the market after the commodity started the day off in positive territory. Prices turned negative following a report from market intelligence firm Genscape that showed an inventory build of 1.4 million barrels at the Cushing, Okla. West Texas International delivery hub.
WTI futures for June delivery were down $1.11 to $43.55 per barrel, while industry-standard Brent crude futures for July delivery were off $1.56 to $43.81 per barrel.
Krispy Kreme Doughnuts (KDD) was helping lead stocks higher, up nearly 25% on heavy volume midday after agreeing to be purchased by JAB Holding for $1.35 billion or $21 per share in cash. Krispy Kreme had previously announced plans to open between 120 and 140 new stores internationally this year in addition to 30 new shops domestically.
Shares of Tyson Foods (TSN) were also rising on heavy volume following the food manufacturer's latest earnings beat. The company reported earnings of $1.07 per share for its fiscal second quarter, which topped analyst estimates of $0.96. Revenue for the period fell 8.1% year over year to $9.17 billion, but also topped Wall Street estimates for the quarter.
Berkshire Hathaway (BRK.A, BRK.B) shares were declining after missing analysts top- and bottom-line expectations for the first quarter Friday after the closing bell. Warren Buffett's investment vehicle earned $2,274 per share on revenue of $52.4 billion for the period. Analysts on average were expecting the company to report earnings of $2,761 per share.
Finally, Valeant Pharmaceuticals (VRX) was down after announcing plans to file its 10-Q for the first quarter on or before June 10. The company had postponed its 2015 results as it conducted an internal audit of its accounting. Valeant also reiterated its previous top- and bottom-line guidance.