Halfway through today’s trading session, stocks are nicely in the green.
The big winner in the S&P 500 today is Allergan (AGN), which is the target of a takeover by orchestrated by Valleant Pharmaceuticals and hedge fund Pershing Square Capital.
AGN is up a whopping 15%.
Other drug companies that are up sharply today include Perrigo (+4.2%), Alexion Pharmaceuticals (+3.3%), Regeneron Pharmaceuticals (+3.3), and Biogen Idec (+2.7%).
Another big winner is Netflix, which is up 6% today. On Monday afternoon, the company announced Q1 financial results that beat analysts’ expectations. Management also announced that it would be raising the price of new monthly subscriptions by $US1 to $US20.
Another up day for the market would extend its win-streak to six days, the longest win-streak of the year.