Stock index futures slide on Thursday.» Read More
As I write this at the start of the second hour of regular trading, Pfizer is hangin' on to a small gain. It's the only big pharma stock trading higher this morning and for a moment after the opening bell it was the only Dow component in the green. (Merck and Schering-Plough, still reeling from the Vytorin/Zetia study, are getting pummeled again in the early going--each down more than a buck.)
Pfizer Wednesday reported a higher-than-expected fourth-quarter profit, helped by lower taxes, a weak dollar and growing demand for its drugs for nerve pain, kidney cancer and smoking cession.
This press release and letters to the CEOs of MRK and SGP from the House Energy and Commerce Committee just arrived in my inbox:
I'm blogging today from outside the New York Stock Exchange where I'm trying to round up "man-on-the-(Wall) street" reaction to the markets. In the meantime, back on the beat, for the second day Merck and Schering-Plough have taken out two-page ads in major newspapers defending their cholesterol drugs Zetia and Vytorin whose efficacy is under attack.
Wall Street ended a painful week with skittish investors drawing little comfort from President Bush's stimulus plan. What's the word on the Street?
After watching his stock lose more than one-fifth of its value this week, Schering-Plough CEO Fred Hassan apparently decided the shares are on sale. This morning the company issued a press release announcing Hassan (pronounced Haa-sun, not the commonly mispronounced Huh-sahn) will shell out $2 million of his own money to buy SGP shares on the open market.
Concerns over antidepressants and cholesterol drugs loom over Big Pharma earnings coming next week. How should you trade it?
Playing defense is the best thing to do right now, Jeff says. Don't pick a bottom yet.
For the second time this week, big pharma is taking a beating from critical reports about medications. This time, it's antidepressants. But one analyst thinks the drag on shares is overdone -- and names "exciting" pharma stocks.
Stocks went into another free-fall, suffering their biggest decline so far this year, as worries about the economy and subprime crisis overshadowed efforts by Washington to prevent a possible recession.
If or when you watch one of the presidential debates count how many times the candidates say, "the drug companies." Of course, it depends on which party's debate you might be watching, but since I started paying attention to the race in recent weeks, I've taken notice how much those three words seem to be apart of boilerplate answers and statements...
The American College of Cardiology is weighing in on the controversial ENHANCE study that has battered shares of Merck and Schering-Plough over the past couple of days. Most notably I think is that the ACC says, "There should be no reason for patients to panic."
I had planned to blog about the nearly unanimous bearish analyst commentary this morning after Genentech's earnings report yesterday. The biotech giant beat on earnings per share, but came up short on Street expectations for sales of its top four drugs. DNA shares are under pressure again today.
Stocks closed sharply higher after IBM's improved outlook kicked off a market rally.
The highly anticipated results of the study that goes by the acronym "ENHANCE" are out this morning. You can see what it stands for in the companies' press release. (I wonder how many meetings and brainstorming sessions go into coming up with some of the industry's clinical trial acronyms and abbreviations.)
Merck and Schering-Plough said a closely watched study involving its Vytorin cholesterol treatment failed to reach its main goal.
Time to sort through the Fast Money inbox and answer more of your questions. Gordon writes, “Is 1390 on the S&P low enough to move the next support level - having passed through the 1400 double bottom?”
Stocks skidded back into correction territory as investors worried that the tumbling economy may not only cripple mortgage lenders like Countrywide Financial but create problems for other companies like AT&T.
The financial sector is expected to weigh on corporate earnings in the fourth quarter. But outside the sector, the news is upbeat.
After beating their own benchmark index for the last five years, Standard & Poor’s equity research team is betting on the biggest U.S. jam maker and the Magic Kingdom, among 40 companies in this year’s PowerPicks stock portfolio, to outperform again in 2008.