Without out any economic releases for the market to key in on today, M&A activity, upgrade/downgrade activity and earnings are driving some of the market’s action.  Tomorrow is also void of economic releases.

• PepsiCo (PEP) has agreed to purchase Israeli based home beverage carbonation system manufacture, SodaStream (SODA).  Pepsi will pay $144 per share in cash, or roughly $3.2 billion.  This is approximately a 10% premium from Friday’s close.
• Tyson Foods (TSN), the maker of Jimmy Dean products, agreed to pay $2.16 billion in cash for Keystone Foods, the inventor of chicken nuggets.  
• Nike (NKE) is trading higher by over 3% after receiving double upgrades from Piper Jaffray and Susquehanna. 
• Earnings from Estee Lauder (EL) were strong across all regions and products.  Total sales rose 12%, with skin care leading the way, up 26%.  EL saw strong global growth; Asia/Pacific was up 29% and Europe, the Middle east & Africa saw 19% growth.  EL is trading higher by approximately 4%.
• Another earnings winner today is Cheetah Mobile (CMCM), the mobile internet company that offers utility products such as Security Master, Battery Doctor, SafeWallet and others.  CMCM beat on both the top and bottom line and raised its revenue guidance.  The stock is trading higher by over 20%.     

It’s been a slow drift for equity markets.  The Dow opened higher by 50 points and has drifted higher by another 50 points.  The Dow is currently trading higher by 90 points at 25,760 (0.36%).  The Nasdaq has drifted lower as tech continues to be a drag.  The Nasdaq opened slightly higher, but it now relatively unchanged.   

Breadth: Positive

• NYSE advances 2,105 to declines 832; new 52-week highs 133 to new lows 19
• Nasdaq advances 1,703 to declines 1,205; new 52-week highs 123 to new lows 56