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

REUTERS/Luke MacGregor

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 $120B.

DirecTV (DTV) is down 1.2% after AT&T (T) offered to buy the company in a cash-and-stock deal worth about $95 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:

• LifeLock (LOCK), down 18%. LifeLock Friday night disclosed that it suspended its Wallet mobile application.
• Parkervision (PRKR), down 10%
• America Movil (AMX), down 3% after AT&T said it would divest its interest in company as part of its offer for DirecTV.