Stocks were mixed on Wednesday with Wall Street on uncertain footing on when to expect the Federal Reserve to start cutting stimulus.» Read More
The FDA has approved the first obesity drug, Pfizer's Slentrol, aimed at treating plump pooches.
Pfizer boosted the average U.S. wholesale prices of its drugs by more than 5%, according to industry analysts, despite increased political scrutiny of the cost of prescription medicines.
Markets? Markets? We Don’t Need No Markets!: During its nearly 18-year history, CNBC has employed a number of programming strategies on days when the markets are closed. Today is one such day - as the nation honors the memory of its 38th president, Gerald Ford. In this instance, we chose to go with regular live programming....
This could get confusing. We just heard from someone who likes small caps for 2007 but what's the view on large caps? Will they still hold investor interest this year or will small caps rule? George Foley is First Vice President, Portfolio Manager at Glenmede Large Cap Value Fund . He appeared on "Squawk on the Street" to give his forecast.
Almost every analyst has an angle on how to beat the market, and investors pay big money for trading tips that promise guaranteed profits. But here on CNBC we give that advice away for free. John Prestbo, editor of Dow Jones Indexes, shared his “Dogs of the Dow” strategy on “Morning Call” today. It returned 32% in 2006.
Tokyo stocks closed almost flat on Christmas Day. Trade was thin, with participants citing the holidays in overseas markets.
Stocks bucked a trend and closed lower on the last session before the Christmas holiday on investor concerns about a slower economy.
After the market close yesterday Pfizer, in an SEC filing, revealed that ousted Chairman and CEO Hank McKinnell will walk away with nearly $200 million in pension benefits, deferred compensation and other cash and stock including more than $300,000 in unused vacation time. This is well above the pension benefits that had been reported earlier this year and includes money that had not previously been disclosed. A Pfizer spokesman says the company is honoring its legal obligation to meet the terms of McKinnell's employment contract which was signed in 2001--"a different time in the company's history," he said.
Talk about holiday cheer! Former Pfizer CEO Hank McKinnell is walking away from the drugmaker $200 million richer. This despite investor anger about his rich retirement benefits. CNBC'S Mike Huckman has the lowdown on McKinnell's millions.
Pfizer's former Chief Executive Hank McKinnell -- who was replaced amid a sharp decline in the company's market value -- will receive about $199 million in total compensation after he leaves the board in February.
Two days after Pfizer named new CEO Jeff Kindler Chairman of the Board, Merck has promoted its CEO Dick Clark to Chairman as well. Clark has been on the job a year longer than Kindler and Merck's stock has performed about three times better than Pfizer shares this year. Former Pfizer CEO Hank McKinnell was expected to remain Chairman through next February, when he will leave the Board altogether, but the directors decided to give Kindler an early Christmas present.
Lilly and Icos today postponed the Icos shareholder vote on the new-and-improved, $34-a-share buyout offer until January 25th. The vote was supposed to take place today, but after Lilly raised the bid -- somewhat reluctantly -- yesterday, the companies wanted to give investors more time to mull it over. At least one big shareholder is still complaining that Lilly didn't go high enough.
Stocks look set to open lower after a sell off in energy and tech took the wind out of the year end rally yesterday, despite nearly $90 billion in deal announcements. Investors will be closely watching the ripple effect in emerging markets from Thailand's clampdown overnight on speculation in the baht....
Jeffrey B. Kindler becomes the company's new chairman and the quarterly dividend is increased 21%.
Minutes after I wrote the last blog entry came the news that Pfizer is indeed raising its dividend -- 21% or a nickel in the first quarter of next year. The news is not a huge surprise -- the move had been widely speculated upon after Pfizer shares plunged on the loss of torcetrapib a couple of weeks ago.
I jinxed myself. That closing statement in my last posting about things quieting down on the beat: fuggedaboutit. Yesterday and today, "The New York Times" ran above-the-fold, front-page stories on Lilly's marketing of Zyprexa. It's the company's top-selling drug and its biggest profit-maker -- analysts estimate the schizophrenia/bipolar disorder drug is responsible for one-third to as much as one-half of the company's bottom line.
The revised price of $34 a share follows objections from HealthCor, a big Icos shareholder, to the earlier $32-a-share offer. HealthCor argued that Icos was worth more than $40 a share.
I Don’t Know, But I Know People Who Do: How does the breaking news desk know which news merits special coverage and which does not? A) I’m a genius. B) I rely on many very smart co-workers. The answer is: not A). All of which leads me to pay tribute to the many specialty producers who work here at CNBC.
At the Merck annual analyst day here in company headquarters in central New Jersey, the company revealed for the first time what many on the Street had suspected: it has a so-called CETP inhibitor in the drug development pipeline. That's the same type of drug that Pfizer pulled the plug on last week because of an increased risk of death.
Merck said it plans to seek U.S. approvals next year for drugs to treat HIV, cholesterol and insomnia, and aims to have another four products in late-stage trials by mid-2007.