U.S. shares opened higher today as a continued rise in oil prices buoyed energy shares. The S&P 500 (INDEXSP:.INX) added 1.2 percent to 2,105.02 at 11:50 a.m. in New York. The 30-company Dow Jones Industrial Average (INDEXDJX:.DJI) advanced 1.4 percent to 18,009.58, while the tech-heavy Nasdaq 100 (INDEXNASDAQ:NDX) jumped 1.3 percent to 5,076.32. Most followed shares included Netflix, Qorvo, Nvidia, NetApp, Oxford Industries, Mattress Farm, Johnson Controls, HCC Insurance Holdings, Prudential Financial, Assurant, and GlobeImmune.
In technology stocks, Netflix (NASDAQ:NFLX) added 5.6 percent to $684.00 after the provider of Internet television network approved a massive increase in the number of shares the company is authorized to issue, the first step toward a possible stock split. Chief Executive Reed Hastings said at the company's annual meeting that management will seek approval from the board of directors "in due course" to pursue a stock split, Netflix spokeswoman Anne Marie Squeo said.
Qorvo (NASDAQ:QRVO) rose 1.5 percent to $81.25. The mobile technology company's stock will replace tobacco producer Lorillard (NYSE:LO) in the S&P 500 after the close of trading Thursday. Lorillard is being acquired by Reynolds American.
Nvidia (NASDAQ:NVDA) fell 1.7 percent to $21.49. Nomura downgraded the chip maker's stock to "neutral" from "buy," saying a number of factors could pressure demand for Nvidia's video graphics cards in the second half of the year.
NetApp (NASDAQ:NTAP) gained 1.2 percent to $33.53. RBC Capital upgraded its rating on NetApp to "outperform" from "sector perform," saying the data management company's appointment of a new CEO could cause value to be unlocked.
In consumer shares, Oxford Industries (NYSE:OXM) climbed 6.5 percent to $86.30 after the clothing retailer late yesterday reported earnings that topped analyst estimates.
Mattress Firm (NASDAQ:MFRM) slumped 4.3 percent to $59.06. The mattresses retailer reported first quarter profit of 33 cents per share, 6 cents below estimates, with revenue also below forecasts, although sales did jump significantly from a year earlier. Same-store sales for the mattress retailer were up 1.3 percent.
Johnson Controls (NYSE:JCI) increased 4.9 percent to $54.06 after saying it is considering a sale of its automotive business, the latest potential divestiture for the industrial company.
In financials, HCC Insurance Holdings (NYSE:HCC) soared 36 percent to $76.99 after Tokio Marine Holdings said it had agreed to buy U.S. specialty insurer for $7.5 billion. Tokio Marine will pay $78 in cash per share for Houston, Texas-based HCC, according to a statement today. That’s a 37.6 percent premium to the latest closing price. The purchase will be financed through cash and borrowing.
Prudential Financial (NYSE:PRU) gained 2.8 percent to $90.43. The insurer added $1 billion to its stock buyback program.
Assurant (NYSE:AIZ) climbed 1.8 percent to $66.99. The provider of insurance products will exit the health insurance market and will immediately begin to wind down its major medical operations. The company agreed in principle to sell certain assets to National General Holdings (NASDAQ:NGHC).
In other stocks, GlobeImmune (NASDAQ:GBIM) tumbled 27.3 percent to $2.75 after saying it will eliminate most of its workforce and evaluate strategic options, less than a year after the biopharmaceutical company went public.