Stock Market News: Pfizer and Mylan Make a Deal; Chipotle Looks Tasty
Monday morning brought a mixed opening to the stock market, as most broad-based indexes consolidated their gains after last week's record run. As of 11:15 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 62 points to 27,255. However, the S&P 500 (SNPINDEX: ^GSPC) fell 7 points to 3,019, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gave up 63 points to 8,267.
Even in the middle of earnings season, merger and acquisition news can move markets, and Pfizer's (NYSE: PFE) offer to merge its generic drug business with Mylan (NASDAQ: MYL) is an interesting move in a tough industry environment in healthcare. Meanwhile, Chipotle Mexican Grill (NYSE: CMG) got a big upgrade from a top stock analysis company, and that has many investors hungry for the burrito maker's shares.
Shares of Pfizer fell more than 2% after the pharmaceutical giant announced that it would combine one of its units with Mylan. Upjohn, which is Pfizer's generic and off-patent branded drug division, will merge into Mylan, with the deal involving a simultaneous combination between the two companies and spinoff from Pfizer into a separate publicly traded entity.
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