U.S. markets are climbing in afternoon trading Thursday as concerns surrounding last week's Brexit referendum appear to be subsiding.
The S&P 500 and Dow Jones industrials were each up about 1%, while the Nasdaq was up about 0.9%, despite a decline in crude oil prices, which fell to $48.75 a barrel, based on U.S. benchmark West Texas Intermediate.
Hershey (HSY) shares climbed more than 15% after the Wall Street Journal reported food giant Mondelez (MDLZ) has approached Hershey with a $23 million takeover offer, representing $107 per share. Mondelez shares also climbed about 4% off news of the offer.
Hershey said its board uninamously rejected the takeover offer.
Meanwhile, shares of Chesapeake Energy (CHK), a member of Real Money's Stressed Out watch list, were down about 5% in midday trading amid sliding oil prices.
The Oklahoma City-based oil-and-gas exploration company has lost roughly 62% of its market cap over the past 12 months as oil fell to lows of just over $26 a barrel in February.
Hanesbrands (HBI) stock also dropped about 4% after a bearish report was published in the financial trade paper Grant's Interest Rate Observer. The report was not made public but Bloomberg reported the paper cited concerns of Hanesbrands' inventory growth at "almost double the rate of sales growth," as well as concerns of high charges tied to recent acquisitions.
-- Written by James Passeri