AstraZeneca Is Tanking After Rejecting Pfizer's 'Final' Offer

The major stock market indexes are each higher, with the Nasdaq leading the way, gaining more than 0.8% in midday trade.

AstraZeneca (AZN) shares are tanking, down 11%, after rejecting Pfizer’s (PFE) final offer to buy the company. Pfizer’s latest deal values AZN at about $US120B.

DirecTV (DTV) is down 1.2% after AT&T (T) offered to buy the company in a cash-and-stock deal worth about $US95 per share.

Major advancers include:

  • InterMune (ITMN), up 16%
  • Zendesk (ZEN), up 9% today, bringing gains since its IPO to more than 45%
  • Some momentum names that tanked during March and April seeing notable strength today, including Workday (WDAY) and FireEye (FEYE), both up 5%.

Major decliners include:

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