Stocks Higher After Data, Earnings

U.S. Market
Stocks were up at midday, with data and earnings reports the focus of the day.

Existing-home sales decreased in March by 0.2% compared with February and by 7.5% compared with March 2013. However, the recent drop was better than the expected decline of 0.7%, which could be indicative of the stabilization of sales.

Separately, housing prices turned in a 0.6% monthly gain for February and a 6.9% year-over-year improvement.

The Dow was 0.6% higher at midday. The S&P 500 had gained 0.5%, and the Nasdaq was up 0.9%.

Stocks on the Move
Comcast's (CMCSA)(CMCSK) run of solid performance extended into the first quarter, as the firm again increased its television customer base and strong broadcast ratings, coupled with the Sochi Olympics, drove growth at NBC Universal. Revenue and adjusted earnings per share exceeded Wall Street expectations. Morningstar analysts continue to believe Comcast's competitive position remains among the strongest in the U.S. telecom industry, with the proposed Time Warner Cable (TWC) merger promising to enhance that position. CMCSA shares were 3.1% higher at midday, while CMCSK shares were up by 2.9%.

McDonald's (MCD) posted a 5.2% first-quarter decline in net income to $1.2 billion, while revenue improved slightly by 1.4%. Earnings per share and revenue missed Street expectations. Shares were 0.3% higher at midday.

Valeant Pharmaceuticals International (VRX) has proposed a bid to acquire Allergan (AGN). The deal would appear to create significant value for both companies' shareholders, and Morningstar analysts will significantly raise their fair value estimate for Valeant if the deal is completed under terms similar to the currently proposed offer. While the Allergan board is likely to reject this initial offer, the analysts think the most likely scenario is that this deal will ultimately be completed. Valeant shares had gained 5.2% by midday, while Allergan shares surged by more than 15%.

After Monday's closing bell, Netflix (NFLX) reported first-quarter results, were generally in line with management's initial forecast, though the international streaming segment performed slightly better. The firm announced proposed price increases for new subscriptions, and it is also investing in marketing and proprietary content, both of which are expected to deliver solid returns, say Morningstar analysts. Shared had jumped by 6.2% at midday.

Foreign Markets
European stocks were up following the holiday weekend. The FTSE 100 had gained 0.9%. The Paris CAC was up 1.2%, and the DAX was 2% higher.

In Asia, the Shanghai Composite was 0.4% higher. The Nikkei 225 was down 0.9%, and the Hang Seng was 0.1% lower.