The major averages are mixed at midday - with the Nasdaq a bit higher, the Dow a bit lower and the S&P little changed - as a rebound in concern over the virus continues to be weighed against optimism over earnings.

ECONOMIC EVENTS: In the U.S., jobless claims fell 39,000 to 547,000 in the week ended April 17. The Chicago Fed's National Activity index rose 2.91 points to 1.71 in March. Existing home sales declined 3.7% in March to a 6.01M rate. The leading economic indicators index rose 1.3% to 111.6 in March, which was a little stronger than expectations.

TOP NEWS: Shares of AT&T (T) are 5% higher after the company reported better than expected first quarter earnings and revenue. The company, which reported 2.7M total domestic HBO Max and HBO subscriber net adds in Q1, said it "continued to excel in growing customer relationships in our market focus areas of mobility, fiber and HBO Max."

Meanwhile, Dow (DOW) shares are down 5% despite the fact that the company reported better than expected operating EPS and revenue and said it "entered the second quarter with increasing momentum."

Chipotle Mexican Grill (CMG) shares are down 1% despite the company reporting better than expected first quarter earnings and saying its "off to a great start in 2021."

In M&A news, Hartford (HIG) announced the receipt of two additional unsolicited proposals from Chubb Limited (CB) to acquire the company. Hartford revealed along with its earnings report that Chubb (CB) said it was prepared to offer "in excess of $67 per share" if The Hartford would engage in "meaningful discussion and due diligence." The Hartford then received another letter on April 14, in which Chubb said it was willing to increase its offer to "$70 per Hartford share, the top end of our range," but Hartford's board of directors unanimously rejected both proposals, determining that entering into discussions regarding a strategic transaction "would not be in the best interests of the company and its shareholders." In response, Chubb issued a statement that said in part: "The Hartford has chosen not to engage in response to any of our proposals. The path to a transaction would have been engagement coming from The Hartford on the terms of our last proposal. Although we are disappointed, we want to repeat that our shareholders demand of us, and we demand of ourselves, that we remain a disciplined acquiror."

MAJOR MOVERS: Among the noteworthy gainers was Renalytix AI (RNLX), which rose 21% after announcing that the U.S. Government has granted the company a 10-year governmentwide acquisition contract to provide KidneyIntelX early-stage kidney disease bioprognostic testing services. Also higher was Teradata (TDC), which gained 31% after reporting quarterly results.

Among the notable losers was Danimer Scientific (DNMR), which declined 10% after Spruce Point Capital issued a short report predicting 65% share downside. Also lower was Fisker (FSR), which fell 7% after Goldman Sachs analyst Mark Delaney downgraded the stock to Sell from Neutral.

INDEXES: Near midday, the Dow was down 55.44, or 0.16%, to 34,081.87, the Nasdaq was up 30.92, or 0.22%, to 13,981.14, and the S&P 500 was down 0.50, or 0.01%, to 4,172.92.