New York - US stocks were mixed in early trade Tuesday, but pharmaceutical companies were boosted as Israel's Teva announced a $40.1 billion cash-and-stock bid for generic drug maker Mylan.
An hour into trade, the Dow Jones Industrial Average was down 43.95 points (0.24 percent) at 17,990.98.
The broad-based S&P 500 slipped 0.34 point (0.02 percent) to 2,100.06.
But the tech-rich Nasdaq Composite held onto gains, adding 18.43 (0.37 percent) at 5,013.03.
Teva's cash-and-stock bid for Mylan would quash Mylan's own offer earlier this month to acquire Perrigo for $28.9 billion.
Mylan shares surged 8.6 percent and Teva gained 2.7 percent, while Perrigo slipped 2.0 percent.
Other drug company shares jumped on the news: Merck added 0.4 percent, Novartis ADRs 2.1 percent, Amgen 1.1 percent and AstraZeneca 1.2 percent.
DuPont shares lost 3.2 percent after it cut its full-year outlook as it raised the expected hit to earnings from currency shifts. The stronger dollar took 25 cents off first-quarter earnings per share, which came in at $1.34, close to expectations.
Iconic motorcycle maker Harley-Davidson cut its prediction for shipments this year, in part due to currency shifts, sending its shares down 9.1 percent.
Bond prices fell. The yield on the 10-year US Treasury rose to 1.91 percent from 1.88 percent Monday, while the 30-year advanced to 2.58 percent from 2.55 percent. Bond prices and yields move inversely.
AFP
