Volatility subsided for a second straight day as stocks rose on Monday, May 7, on the back of U.S. crude settling above $70 a barrel for the first time since late 2014.

Tech remained an outperformer, but while all eyes were on the FANG stocks -- Facebook (FB - Get Report) , Amazon (AMZN - Get Report) ,  Netflix (NFLX - Get Report) ,  and Alphabet (GOOGL - Get Report)   -- another area of the tech sector may be equally hot: cloud computing. Sure, Amazon and Google have massive datacenter businesses, but what about the companies that facilitate that data or help organize or analyze that data? Enter the likes of the Salesforce.com (CRM - Get Report)  , Workday (WDAY - Get Report)  , Adobe Systems (ADBE - Get Report)  and others according to TheStreet's founder Jim Cramer. "I genuinely believe that we are early on in sophisticated cloud adoption that can harness these companies' tools," Cramer noted at TheStreet's Investor Boot Camp conference this weekend.

From a new gem of the markets to the beaten down names. Real Money columnist Jim Collins points to Molson Coors (TAP - Get Report)  and Colgate Palmolive CL among the worst performing of the last 52 weeks. When correlating these companies with recent action in the M&A space it's hard not to argue that a shake-up -- activist investor push or management change, or both -- or a sale could be in these two companies' futures. Beer sales have been stagnant or on the decline in the past 12 months and M&A has flowed into the space. Is TAP ready to go home with say Sam Adams owner Boston Beer Co. (SAM - Get Report)  ? As for Colgate, as long as Amazon and e-commerce as well as a shift to organic continues to pressure consumer names, it's tough to make a long-term case at this point in time, Collins says.

Another banner merger Monday was upon us. But among the high-profile names like Nestle and Starbucks (SBUX - Get Report)  and Del Frisco's (DFRG - Get Report) that were doing deals, one hedge fund was busy really flexing its muscles. One year after launching a campaign urging Athenahealth (ATHN)  to consider strategic options, activist investor Elliott Management on Monday launched a hostile bid for the healthcare technology company for as much as $6.9 billion including debt, in an all cash offer. Elliott, the insurgent fund managed by Paul Singer, wants to buy the health tech company for $160 per share, but its large minority stake suggests that the fund would not be disappointed if a White Knight buyer emerged, write The Deal's Ron Orol. It wouldn't be the first time as Elliott made a bid to buy Lifelock in 2016, after acquiring an 8.4% stake in the identity theft protection company. The bid was ultimately topped by Symantec (SYMC - Get Report)  . Singer will be on site on June 7 at The Deal's Corporate Governance conference in New York. Tickets are still available here.

This is an excerpt from "In Case You Missed It," a daily newsletter brought to you by TheStreet. Sign up here.

Photo of the day: A high-growth company

There was a 1-in-4 chance that prior to today if you were buying coffee grounds from the grocery store Nestlé had a hand in making it. On Monday, those odds increased a little more as the Swiss consumer giant agreed to spend $7.15 billion to buy Starbucks' retail coffee operations. The agreement excludes Ready-to-Drink products and all sales of any products within Starbucks coffee shops, but adds to Nestlé's quiver of brands that already includes Nespresso and Chameleon Cold-Brew. Nestlé is turning itself into a high-growth company straying from slow-growing items like candy and pivoting to higher margin items like coffee and organic foods. Nestlé was founded in Vevey, Switzerland, in 1867 when founder Henri Nestlé created one of the first infant foods. He called his product Farine Lactée Henri Nestlé; an advertisement is seen above. Read More 

Read more from "In Case You Missed It." Sign up here.