The Standard & Poor's MidCap 400 index edged up during midday trading Tuesday as a multibillion-dollar takeover offer helped offset high oil prices and other negative economic data.
The S&P MidCap 400 is an index used to track mid-sized companies which have a market capitalization of $1.5 billion to $5.5 billion. According to S&P, midcap stocks make up roughly 7 percent of the U.S. equities market.
The index gained 0.72 points to 873.41.
Light, sweet crude for July delivery slipped 57 cents to $134.04 a barrel on the New York Mercantile Exchange, after oscillating earlier in the session.
Meanwhile, the government said Tuesday wholesale prices jumped last month while the number of new housing projects fell.
Shares of Mentor Graphics Corp. surged $3, or 24.3 percent, to $15.33. Electronic design software maker Cadence Design Systems Inc. said Tuesday it offered $16 a share, or about $1.45 billion, for Mentor, its smaller rival. The offer price represents a premium of almost 30 percent to its closing price Monday.
Shares of Worthington Industries Inc., a metal processing company, gained $1.46, or 7.1 percent, to $21.96.
Shares of oil and natural-gas producer Newfield Exploration Co. increased $3.24, or 5.1 percent, to $67.16. On Tuesday, the company raised its production guidance due to production start up in its fields offshore Malaysia.
On the falling side, shares of Colonial Bancgroup Inc. dropped 39 cents, or 8.1 percent, to $4.40.
Shares of PacWest Bancorp lost $1.15, or 6.4 percent, to $16.95. The stock hit a 52-week low of $16.72 earlier in the session.
Shares of Semtech Corp., which makes chips for power management and other applications, shed 97 cents, or 6 percent, to $15.15. A Canaccord Adams analyst downgraded the company to "Hold" from "Buy" on Tuesday.
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