NEW YORK (TheStreet) -- Stocks held onto a soft rebound by mid-morning Friday, shaking off the latest data that showed continued weakness in manufacturing activity.  All benchmark indexes tumbled 1% a day earlier after personal income data came in weaker than expected. 

The S&P 500 was up 0.64%, the Dow Jones Industrial Average gained 0.65%, and the Nasdaq climbed 0.78%.

Altera (ALTR) led the Nasdaq higher on reports Intel (INTC) could launch a hostile bid for the chipmaker by June. Intel had signed a standstill agreement with Altera amid previous deal talks which expire on June 1, according to Reuters. Altera spiked 8.6%. 

U.S. manufacturing activity held at the year's lows in April. Markit revised its index of U.S. manufacturing conditions to 54.1 in April from 55.7 in March as industrial companies continued to hurt from a stronger dollar.

In a separate report, manufacturing activity held at 51.5 in April, its lowest level since May 2013, according to the Institute for Supply Management index. Economists had expected a reading of 52.

"This was a weak report and the absence of any bounce is a clear indication that the U.S. economic recovery has remained mired in a soft patch," said Millan Mulraine, deputy head of U.S. strategy at TD Securities. "We believe that the case for a mid-year (June or July) hike by the [Federal Reserve] is becoming compromised."

Consumer sentiment improved in April with a reading of 95.9, up from 93 in March, according to a University of Michigan survey. The improvement was as expected.

General Motors (GM), Nissan  (NSANY), and Fiat Chrysler (FCAU) each reported April sales of around 6%, showing resilience in a typically slow month for car sales. Ford   (F) reported a 5.4% sales increase.

CVS Caremark (CVS) edged higher after reporting quarterly earnings of $1.14 a share, 6 cents better than expected. Revenue of $36.33 billion came in 11.1% higher than a year earlier.

Gilead Sciences (GILD) gained 4.1% after posting earnings of $2.94 a share in its first quarter, beating estimates by 62 cents. Revenue of $7.6 billion rocketed 52% higher and beat forecasts.

Chevron (CVX) was slightly lower after quarterly revenue fell 35.1% from a year earlier due to plunging oil prices. Profit declined at a slower-than-expected pace, though. The oil giant earned $1.37 a share compared to $2.36 a year earlier, beating estimates by 58 cents a share. 

LinkedIn (LNKD) tanked more than 20% after lowering its outlook for the year. The networking site guided for second-quarter sales between $670 million and $675 million, below forecasts for $717.5 million.

Visa (V) was 0.5% lower despite beating earnings expectations on the top- and bottom-line. Currency exchange was a major hurdle this quarter, cutting into first-quarter growth by 2.5 percentage points. Over the full year, the stronger dollar is expected to reduce sales by 2%.

Dreamworks Animation (DWA) fell 5.9% after reporting a wider-than-expected loss in its first quarter. Revenue climbed across all operating segments, with library titles such as How to Train Your Dragon 2 contributing significantly to feature film sales.

Charter Communications (CHTR) fell 0.43% as quarterly losses widened to 73 cents a share from 35 cents a year earlier. Analysts expected a loss of 7 cents a share.

Warren Buffett's Berkshire Hathaway (BRK.A) is scheduled to report earnings after markets close on Friday. Thousands of investors in the company are heading to Berkshire's home city of Omaha, Neb., this weekend for the company's annual meeting.

Tesla (TSLA) slipped 1% after unveiling a new line of products called Tesla Energy. The new product line focuses on clean energy batteries for homes, businesses and utilities.

Syngenta (SYT) rocketed 14% higher after reports Monsanto (MON) has approached the agricultural company about a possible takeover. Bloomberg reported advisers had held preliminary talks last year.

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