U.S. stocks were mixed on Monday as banks and tech companies kick off second-quarter earnings. The Dow Jones Industrial Average gained 0.02% to 27,336, the S&P 500 Index slid 0.06% to 3,012 and the Nasdaq Composite Index swelled 0.14% to 8,255.
Shares of Galapagos NV (GLPG, Financial) gained more than 17% on news that Gilead Sciences (GILD, Financial) will inject funds up to $5.1 billion to gain rights to six drugs in clinical trials and also gain access to earlier-stage programs. The deal is to be funded by $3.95 billion in cash and $1.1 billion in equity investments. After the deal closes, Gilead will own 22% (up from 12.3%) of the biotech company and could increase is holding to almost 30% via the new 10-year research and development agreement.
During the quarter ended March 31, Jim Simons (Trades, Portfolio)' Renaissance Technologies reduced its holding by 13.94% to 53,100 shares and Frank Sands (Trades, Portfolio) trimmed 0.42% off his position to 2,882,260 shares. On the other hand, the Vanguard Health Care Fund (Trades, Portfolio) established a stake, buying 1,151,526 shares.
Gainers
- CF Industries Holdings Inc. (CF, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
- Wynn Resorts Ltd. (WYNN, Financial)
- Nielsen Holdings PLC (NLSN, Financial)
Losers
- Symantec Corp. (SYMC, Financial)
- Cimarex Energy Co. (XEC, Financial)
- Noble Energy Inc. (NBL, Financial)”‹
- Devon Energy Corp. (DVN, Financial)
- Marathon Oil Corp. (MRO, Financial)
Global markets
The main European stock markets traded higher. The U.K.'s FTSE 100 rose 0.34%, France's CAC 40 gained 0.10%, Germany's Dax climbed 0.52% and Spain's IBEX 35 swelled 0.33%.
In Asia, Japan's Nikkei 225 gained 0.20%, India’s BSE Sensex climbed 0.41%, Hong Kong's Hang Seng advanced 0.29% and China's Shanghai Composite rose 0.40%.
Disclosure: The author holds no positions in any stocks mentioned.
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