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Wall Street on Wednesday will get two reads on the U.S. economy, one from the Commerce Department and the other from the Federal Reserve.
Stocks fell Tuesday as geopolitical issues came back into play, offsetting upbeat earnings.
Pfizer CEO Ian Read also says a potential U.S. tax holiday would be only a temporary solution.
July 29- Pfizer Inc, which in May abandoned its $118 billion bid to buy AstraZeneca Plc, on Tuesday left investors guessing whether it would renew its pursuit of its British rival, but said it was considering other deals. Under UK takeover rules, AstraZeneca can attempt to re-engage with Pfizer in August, and Pfizer can make another run at AstraZeneca in November.
Pfizer reported higher-than-expected second-quarter earnings, helped by growing sales of its cancer medicines.
Merck reported better-than-expected quarterly results, with sales of newer drugs mostly offsetting declining sales of drugs facing generic competition.
July 29- Merck& Co Inc reported better-than-expected quarterly results on Tuesday, helped by strong sales of consumer products and medicines for arthritis and HIV, sending its shares up more than 1 percent in morning trading.
CNBC's Meg Tirrell reports both Merck and Pfizer beat earnings expectations amid patent expirations.
CNBC's Meg Tirrell spoke with Merck CEO Ken Frazier after earnings. Frazier spoke about the competition in hepatitis C, industry consolidation and shared his opinions on the U.S. tax system.
The "Squawk on the Street" news team discusses the quarterly results of Merck and Pfizer.
U.S. stock-index futures rose Tuesday as investors looked to economic reports, earnings and the Fed's mid-week policy decision.
July 29- Merck& Co Inc reported better-than-expected quarterly results on Tuesday, with sales of consumer products and medicines for arthritis and HIV helping to offset the impact of generic competition on other drug sales. Merck, the No. 2 U.S. drugmaker, earned $2.03 billion, or 68 cents per share, in the second quarter.
Stronger earnings for the second quarter and beyond will be the key driver that keeps gas in the bull market gas tank, leading quantitative strategists tell CNBC.
Fundamentally, U.S.-based companies are at a disadvantage because of our tax code, says Barbara Ryan, FTI Consulting, sharing her thoughts on tax inversion among the big pharma space.
What we are seeing is innovation is not dead, says Barbara Ryan, FTI Consulting, discussing Pfizer and Merck's second quarter results and big Pharma drug trends.
Some of the names on the move ahead of the open.
The Fed meets for two days, starting Tuesday, and is widely expected to taper back its monthly bond buying program by another $10 billion to $25 billion - and do little else.
Pfizer's vulnerability to cheap generics and its weak roster of experimental medicines will be on display Tuesday, when the company reports earnings.
NEW YORK, July 28- Pfizer Inc's vulnerability to cheaper generics and its weak roster of experimental medicines will be on display Tuesday when the company reports quarterly earnings, reviving interest in its pursuit of AstraZeneca Plc or other deals to fortify its pipeline.
A crush of big cap earnings and arguably the most important economic reports until September make next week the busiest of the summer for markets.