Medivation surges on Pfizer takeover as US markets stay flat

Cancer drugmaker Medivation on Monday gained nearly 20 percent after the announcement it would be bought by Pfizer, but Wall Street stocks were otherwise generally flat. Chris Low of FTN Financial said the markets were in wait-and-see mode, with a lack of economic data coming this week and a much-anticipated speech from Federal Reserve Chair Janet Yellen due on Friday in Jackson Hole, Wyoming.