Array BioPharma Soars 59% on Pfizer Mega-Merger

Array BioPharma Soars 59% on Pfizer Mega-Merger

Adviser Investments Vice President Charlie Toole has the market analysis for Monday, June 17. Major U.S. stock indexes started the week with light trading and slight gains. The Dow Jones Industrial Average and S&P 500 rose 0.1% while the NASDAQ Composite gained 0.6%. Meanwhile, the Empire State Manufacturing Index for May came in far below expectations: New York-based manufacturing activity plunged more than 25 points month-over-month to its lowest level and first negative reading since 2016. Also, Pfizer announced its $11 billion acquisition of Array BioPharma. Pfizer’s stock remained steady on the merger news while Array BioPharma’s soared 59%.

 

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