Diamonds and Dogs
Merger Monday. Drug company, Seagen (SGEN) jumped 14% after the drug company agreed to be bought out by Pfizer for $229 per share or $43 billion in cash. The combination enhances Pfizer's position as a leading company in Oncology while Seagen expects to contribute more than $10 billion in risk-adjusted revenues by 2030.
Another tough day for the banks. SVB Financial went under on Friday. Over the weekend, Signature Bank closed their doors. Today, more banks were under pressure with even blue chips like Charles Schwab (SCHW) falling 11%, Wells Fargo (WFC) down 7% and Bank of America (BAC) down 5%.
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