Intel Could Make Hostile Bid for Altera; Stocks Hold Highs

Stocks held onto gains through the morning session on Friday. Markets rebounded after Thursday's selloff. U.S. manufacturing growth remained at its slowest in nearly two years in April. The ISM Manufacturing Index was unchanged at 51.5. Altera (ALTR) led the Nasdaq on reports Intel (INTC) could launch a hostile bid for it once a standstill agreement expires on June 1. Expedia (EXPE) jumped after reporting double-digit sales growth in its first quarter. The company saw strong demand on both its namesake and Hotels.com online platforms. Yum! Brands (YUM) rallied after investment firm Third Point disclosed a new position in the fast food chain owner.