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Wall Street opens fresh week flat

Published: 10:24 02 Jun 2014 EDT

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Early deals suggest Wall Street is in no rush to out-do last week’s latest record breaking rally.

Positive factory stats out of China, which allay some recent fears, weren’t sufficient to inspire activity though attentions will turn to American factory reports later today.

In the meantime, Wall Street’s main indices were mostly flat. The Dow Jones edged just 0.12% higher in opening trade to 16,736, whilst the S&P 500 backed off last week’s highs, standing today at 1,921. The NASDAQ was 0.35% lower at 4,228.

Whilst Pfizer’s pursuit of AstraZeneca ended in disappointing anti-climax, the drugs sector continues to provide newsflow and share price catalysts.

NPS Pharceuticals’s NASDAQ listed shares were up around 15% in early deals amid reports in London that Shire has secured a US$5bn fighting fund as it lines up a takeover. A story in yesterday’s Sunday Times claimed an initial approach to NPS had been unsuccessful, though Colin Broom, a doctor with ties to both firms, is said to be a go-between in ongoing talks.

NASDAQ listed oncology specialist Ariad Pharmaceuticals, meanwhile, was another of Monday’s early winners, as the share climbed over 7% - the move comes after the company’s revealed that one of its drugs had showed anti-tumour activity in patients.

Ventas Healthcare, (whilst strictly speaking not biotech), was another takeover story, as the healthcare real estate investment groups confirmed it was acquiring American Realty Capital Healthcare Trust for US$2.6bn.

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