NEW YORK (
) -- Pharmaceutical and Biotech ETFs are prominent gainers on Monday morning as M&A deals appear poised to pick up in the sector. Speculation that
(SNY - Get Report)
is looking to acquire
sent the stock of Genzyme soaring on Friday. Word on the street is that other large pharmaceutical majors such as
(GSK - Get Report)
(JNJ - Get Report)
may also join the race.
Better-than-expected results from
(LLY - Get Report)
(BMY - Get Report)
also appear to have boosted interest in pharma ETFs.
SPDR S&P Biotech Fund
is rising 4% on Monday morning. Its top holdings include
, up 5.4% and
(BIIB - Get Report)
, up 4.9%. Other biotech ETFs including
iShares Nasdaq Biotechnology
also gained smartly.
PowerShares Dynamic Pharmaceuticals
is up 2% on Monday forenoon trading.
Other ETF gainers include the
iShares Dow Jones Transportation Average
. The ETF is heading higher after
(FDX - Get Report)
raised its full-year outlook.
Homebuilder ETFs also rebounded on Monday after new homes sales in June showed strong monthly gains of 23.6%. The
SPDR Homebuilders ETF
is up 2.1%.
-- Reported by Shanthi Venkataraman in New York.
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