The Dow Jones Industrial Average (DJINDICES: ^DJI) was down slightly on Monday, falling a bit more than 26 points as of 11:15 a.m. EST. Tech component Microsoft (NASDAQ: MSFT) outperformed just slightly, while recent high-flying IPO Gogo (NASDAQ: GOGO) rallied more than 8%. Trulia (NYSE: TRLA) was having a rough day, losing more than 5% early in the session.

ISM Manufacturing beats
The ISM Manufacturing index beat expectations on Monday, coming in at 57.3, more than the 55.0 economists had been anticipating. The index is based on a survey of executives from 400 different manufacturing-related companies and is intended to give a sense of economic conditions in the manufacturing sector.

A better-than-expected report may have been seen as a positive and could've contributed to a rally early on Monday, but investors appear to be largely ignoring the report. It's possible that the positive ISM reading has increased the chances of the Federal Reserve pulling back its economic support.

Microsoft narrows next CEO search
Despite the slight sell-off, shares of Microsoft were up on Monday, as the company looked to find its future leader. With Steve Ballmer set to retire, Microsoft is looking to hire its next CEO. The Windows-maker has reportedly narrowed its list down to just two cannidates: current Ford CEO Alan Mulally and Microsoft insider Satya Nadella, according to Bloomberg.

Although he has no tech experience, Mulally is a well-regarded executive who helped Steve Ballmer craft Microsoft's recent reorganization plan. But at 68 years old, Mulally, if he were to be named, is likely a stopgap solution for the near term.

Nadella is in charge of Microsoft's cloud services and Enterprise Group, arguably the most important part of the company going forward. Prior to that, he led Microsoft's Sever and Tools division, focusing on Windows Server and similar products. As an insider, Nadella seems unlikely to radically change Microsoft's current trajectory.

Gogo gets approval
Gogo has been a volatile stock in recent weeks, though it's been great to own since its IPO, rallying more than 83% since it went public in June. Gogo is up again on Monday, likely because it received a supplemental-type certificate (STC) from the FAA.

The STC gives Gogo permission to begin installing its Ku-satellite technology on some Boeing aircraft. Once installed, Gogo will be able to offer travelers Gogo Vision, its in-flight entertainment service.

In addition to offering a connection to the Internet, Gogo Vision gives passengers access to exclusive video content. By adding new services to its offerings, Gogo should be able to expand its potential revenue streams. 

Trulia hit by downgrade

Trulia shares tumbled almost as much as Gogo shares rallied early on Monday, as the real-estate website was hit by a downgrade at Goldman Sachs. Analysts at the firm downgraded Trulia from buy to neutral.

Goldman cited valuation as the chief reason for its downgrade, noting that Trulia shares had rallied tremendously in recent months. Year to date, shares of Trulia are up better than 100% and had been up nearly 200% before selling off in recent weeks.

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Sam Mattera has no position in any stocks mentioned. The Motley Fool recommends Ford and Goldman Sachs. The Motley Fool owns shares of Ford and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.