Investors weren’t pleased with Alexion’s (ALXN) plan to buy Synageva (GEVA) for more than $8 billion. Alexion shares were among the worst performers on the Nasdaq. Microsoft (MSFT) lagged the Dow after being caught up in a sell-off among high-momentum tech names. Stocks pared losses, though remained in the red by close as markets weighed comments from Federal Reserve Chair Janet Yellen that equity valuations were possibly stretched. This is the second stock sell-off in as many days. Cablevision (CVC) had a better day than others after its CEO expressed a desire to do a deal with Time Warner Cable (TWC).
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