Manufacturing Activity Rises, Markets Soar

An increase in June manufacturing activity sent the markets soaring to a sharply higher open with the Dow leaping 165 points to 15,075. Nasdaq jumped 47 points to 3450.

On the upside

Onyx Pharmaceuticals (Nasdaq: ONXX) rejected an unsolicited acquisition offer of $120 per share from Amgen (Nasdaq: AMGN).

Wells Fargo initiated coverage of News Corp. (Nasdaq: NWSA) with an Outperform rating.

Pfizer (NYSE: PFE) will expand commercialization plans for its abuse deterrent OXECTA Tablets CII that use Acura Pharmaceuticals' (Nasdaq: ACUR) AVERSION Technology.

On the downside

Investors locked in profits on Halozyme Therapeutics (Nasdaq: HALO).

Insmed (Nasdaq: INSM) reported positive results from a Phase 3 study of its once daily Arikace medication for lung infections in cystic fibrosis patients but the results were statistically similar to Novartis' (NYSE: NVS) already approved drug TOBI.

Evercore Partners analyst Alan Gould initiated coverage of 21st Century Fox (Nasdaq: FOXA) with an Overweight rating but the stock price dropped.

In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 1 on the NYSE and by more than 3 to 1 on Nasdaq. The broader S&P 500 index climbed 18 points to 1625.

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