Market Minute: Microsoft, Google Head to Court; Amgen Snaps Up Onyx


Microsoft and Google battle in court, and Amgen makes a major acquisition. Those stocks and more are what's in business news Monday.

The Dow Jones industrial average (^DJI) edged lower last week, its third straight weekly loss. The Standard & Poor's 500 index (^GPSC) rose half a percent, and the Nasdaq composite index (^IXIC) gained 1.5 percent

US software giant Microsoft CEO Steve Ballmer speaks to the press in Tokyo on May 23, 2013. Micrsoft announced plans to expand enterprise cloud service Windows Azure in Japan and set new data centers in Tokyo and Osaka.    AFP PHOTO / Yoshikazu TSUNO        (Photo credit should read YOSHIKAZU TSUNO/AFP/Getty Images)
Yoshikazu Tsuno, AFP/Getty ImagesMicrosoft CEO Steve Ballmer

Shares of Microsoft (MSFT) surged 7 percent Friday after Chief Executive Officer Steve Ballmer announced his plan to resign, and the stock will be back in the spotlight today. The company starts the second of two landmark trials with a unit of Google (GOOG) over patent rights for certain smartphone and Internet technologies. Microsoft was considered the winner in a split decision in the earlier case.

Onyx Pharmaceuticals (ONXX), after rejecting several takeover attempts from Amgen (AMGN), has accepted a sweetened bid from the biotech giant. The Amgen bid is valued at $10.4 billion, or $125 a share. That's up about $5 a share from the original offer. Onyx is being sought for its pipeline of drugs to treat cancer. This is one of the biggest deals ever for a biotech firm.

Separately, European drug giant AstraZeneca (AZN) agreed to pay up to $500 million to buy a privately held U.S. based biotech firm, Amplimmune.

Anadarko Petroleum (APC) is selling part of its stake in an oil and gas property off the shores of Mozambique. That deal is valued at $2.6 billion. Anadarko will retain a stake of 26 percent in the project.

Facebook, Google and IBM are working on developing their own hardware in order to avoid paying others. The Wall Street Journal reports those companies could replace chips and switches made by the likes of Intel, Advanced Micro Devices (AMD) and Cisco Systems (CSCO).

The Financial Times reports that Goldman Sachs (GS) has placed four senior technology specialists on leave. This follows last week's trading mishap that's expected to cost the company tens of millions of dollars.

-Produced by Drew Trachtenberg.