Pharmacyclics holds gains after takeout rumors

Pharmacyclics Inc. (NASDAQ:PCYC) held onto most of Wednesday's gains on rumors that the biotech is considering takeout bids from Johnson & Johnson (NYSE:JNJ) and Novartis AG (NYSE:NVS; SIX:NOVN) in the range of $17-$18 billion.

Its shares fell $2.50 to $217.72 on Thursday after jumping $31.77 (17%) to $220.22 on Wednesday. At $16.5 billion, its market cap remains below the rumored takeout value. ...