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.» Read More
U.S. stock investors looking to recoup from the worst week in almost three months will have to keep one eye out for signs of weakness in earnings due this week and the other on the threat surging oil prices.
Fear returned to Wall Street this past week, and the Fed's meeting Oct. 31 is now being looked at as a necessary balm for the markets. Rightly or wrongly, that's how traders are see it, and they now expect the Fed to cut its target Fed funds rate and probably discount rate by a quarter point at that meeting.
Gilead Sciences posted a third-quarter profit that topped Wall Street targets on Thursday, on sales of drugs that fight the virus that causes AIDS, compared with a year-ago net loss due to acquisition- related costs.
Pfizer said on Thursday that third-quarter earnings fell sharply, hurt by a $2.8 billion charge to end its investment in its poorly selling Exubera inhaled insulin drug. But earnings excluding one-time items beat analysts' expectations.
U.S. regulators approved a new AIDS treatment made by Merck, the first in a new class of drugs aimed at preventing replication of the virus, Merck said on Friday.
This morning, the world's second biggest drug company, GlaxoSmithKline, announced that Andrew Witty will replace JP Garnier as CEO at the end of next May. It's been known for a while that Garnier would be retiring next year, and the question was who would be tapped to succeed him.
Stocks rallied on Friday, sending the S&P 500 index to a new closing record, as a solid employment report rekindled optimism about the outlook for economic growth and corporate profits. The Dow Jones Industrial Average, meanwhile, traded above its record close for much of the session but gave back some of those gains.
Close on the heels of announcing the hiring of a Chief Talent Officer, Pfizer this morning named a new head of Global Research and Development to replace John LaMattina who had earlier said he'd be leaving the drug company. It was on LaMattina's watch that Pfizer's next potential breakout blockbuster drug, torcetrapib for cholesterol, failed in a late-stage clinical trial.
The Dow is sitting at a new high and you could argue that the move in the pharmaceuticals sector today is largely market related with Dow components Merck, Pfizer and Johnson & Johnson all trading up. As I write this the biggest dollar gainer in the group is Eli Lilly. But the largest percentage gainer is Schering-Plough.
If the FDA approves this company's much-anticipated drug, the stock could pop.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
Stocks ended Friday down slightly as dollar weakness sparked inflation concerns but losses were limited by solid U.S. consumer data. "Housing is slowing down but the U.S. consumer isn't," said Robert Froehlich of DWS Scudder. "The numbers today show that this dichotomy is in place and housing is in trouble but the consumers keep shopping."
U.S. regulators have not approved Novartis's Prexige painkiller, the Swiss drugmaker said on Thursday, in an expected move after Australia withdrew the drug due to concerns over liver side effects.
Merck said it halted a mid-stage trial of an investigational HIV vaccine because it proved ineffective at preventing and treating the disease.
The cancer drug Erbitux unexpectedly extended survival in a trial of patients with advanced lung cancer, sending shares of its maker, ImClone Systems, soaring as much as 24 percent.
Call it a stellar, mythic merger. This morning Isis Pharmaceuticals (named after the goddess in Egyptian mythology) and Alnylam Pharmaceuticals (named after the center star in Orion's belt) announced they're forming a joint venture called Regulus Therapeutics, LLC (named after the brightest star in the constellation Leo). I'm sensing a theme here.
Merck said Thursday the New Jersey Supreme Court has reversed a lower court ruling that had granted nationwide class-action status to insurers seeking reimbursement for past spending on Vioxx, the drugmaker's withdrawn arthritis treatment.
The gloves are off. Overnight, Pfizer came out with a new study on the world's top-selling drug, Lipitor, for cholesterol. The company says if you switch from its drug to generic Zocor you've got a 30% greater chance of dying from a heart attack, stroke or some other "major cardiovascular" event.
As I was gearing up to come back to work from my extended holiday weekend I searched some of my mainstay internet sources for information and tips yesterday including cafepharma.com. It's filled with pharmaceutical and biotech company message boards with postings mostly from sales reps complaining, providing job applicants with salary and benefits details, occasionally revealing the latest internal memo, and frankly, spreading rumors and gossip.
U.S. lawmakers returning from their summer break are expected to consider patent law changes that have pitted two of America's most invention-dependent industries against each other.
Stocks rallied after President Bush outlined his plan to help distressed homeowners, and Federal Reserve Chairman Ben Bernanke said the Fed will act as needed to address credit concerns.