PYPL - Alexion Lifts Nasdaq on Buyout News; PayPal Gets Bitcoin Boost
Investors have watched the Nasdaq Composite (NASDAQINDEX: ^IXIC) closely, especially given how much it has outperformed the broader market. Optimism about the stock market's prospects for 2021 has given the tech-heavy benchmark a boost lately, and the Nasdaq's gain of more than 1% as of noon EST gave it a shot at challenging its all-time high from last week.
Rising activity in the mergers and acquisitions space has been a boon for the market as a whole, and Alexion Pharmaceuticals (NASDAQ: ALXN) got a massive buyout offer over the weekend. Meanwhile, PayPal Holdings (NASDAQ: PYPL) benefited from another market uptrend as its strategy with respect to cryptocurrency is already showing signs of paying off.
Shares of Alexion Pharmaceuticals were up 31% at midday on Monday. Shareholders were trying to assess the potential impact of the buyout bid that AstraZeneca (NASDAQ: AZN) made on Saturday morning.
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Alexion Lifts Nasdaq on Buyout News; PayPal Gets Bitcoin Boost