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NEW YORK (CNNMoney)
Shares in Botox maker Allergan (AGN, Fortune 500) will be watched closely after activist investor Bill Ackman and Valeant Pharmaceuticals (VRX) said they were planning a joint bid to buy the company. Allergan gained 6% Monday.
In Europe, GlaxoSmithKline (GLAXF) and Novartis (NVS) announced a multi-billion dollar deal that will see the firms swap some business units and combine others. Glaxo shares surged by roughly 5% in London trading while Novartis shares jumped by 2.5% on the Swiss exchange.
AstraZeneca (AZN) shares were up by roughly 8% in London, responding to reports that Pfizer (PFE, Fortune 500) had looked at buying the company for £60 billion ($100 billion). Some think an offer may yet come.
"Pfizer... has valid reasons to rekindle this [takeover] approach given the promising drug pipeline at AstraZeneca," said ETX Capital market strategist Ishaq Siddiqi.
Related: Fear & Greed Index
On the broader market, U.S. stock futures were relatively unchanged from Monday's close.
Wall Street is expecting a big day of earnings. Comcast, (CCV) Lockheed Martin (LMT, Fortune 500)and McDonald's (MCD, Fortune 500) will report before the bell. AT&T (T, Fortune 500) and Yum Brands (YUM, Fortune 500) will release earnings after the close.
Shares in Netflix (NFLX) are higher in extended trading after the company reported earnings that beat expectations. It also said it would increase its monthly fee for new customers in some countries later this quarter.
Shares in soccer club Manchester United (MANU) look set to dip after the company sacked coach David Moyes after less than one season.
Related: CNNMoney's Tech30
On the economic front, existing home sales numbers from March will come out at 10 a.m. ET.
U.S. stocks drifted higher Monday. The Dow Jones industrial average, the S&P 500 and Nasdaq all ended the day with gains, albeit slight ones.
European markets were rising in morning trading. Most key indexes were up by nearly 1%.
Asian markets ended with mixed results, though the moves both up and down were relatively modest. 
First Published: April 22, 2014: 5:28 AM ET
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