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Stocks closed lower Wednesday, led by financial and auto stocks after worrisome results from Morgan Stanley, CarMax and FedEx. Regional banks also took a hit after Fifth Third cut its dividend.
Stocks declined Wednesday, led by financials, after worrisome results from Morgan Stanley and a dismal outlook from FedEx. The Dow briefly slipped below 12,000 -- the first time that's happened since March 18, when the market was reeling from the collapse of Bear Stearns.
Stocks rallied to the finish Friday, led by financials and techs, as a tame core-inflation reading and lower oil helped the market end a chaotic week on a high note.
Markets in the last hour: A strong dollar and lower oil helped stocks today, enough to eke out a small gain of 0.8 percent for the Dow for the week (the only major index that was up this week
Stocks regained lost ground heading into the final hour of trade, with lower oil boosting financials and a host of other beaten-down sectors as Wall Street bid to finish a seesaw week slightly higher.
Stocks continued a solid rally Friday, boosted by falling oil prices and investors who swooped in to snatch up battered financial stocks.
It never ceases to amaze me who reads Pharma's Market. Like the Stanford University professor who wrote to set the record straight regarding my coverage from ASCO of the brain cancer vaccine from Pfizer and Avant.
Pfizer shares continue to trade at new nearly 11-year lows over concerns the dividend might get cut, in addition to the lack of anything visible to replace Lipitor when it goes generic in a couple years or so. But on two of the op-ed pages in Wednesday's "Wall Street Journal" Pfizer got a plug.
Despite considerable jawboning, the dollar was weak, commodities were strong, and that combination has not proven to be helpful to stocks. With oil near new highs, the Dow Transports dropped nearly 5 percent for the second time in four days (ouch!)
Stocks struggled to hold gains Tuesday as bank stocks rallied but comments from Bernanke hung over the market like a cloud. Oil dropped more than $3 to settle at $131.31 a barrel.
Everyone talking about Pfizer's spacer huge 7.1 percent dividend yield, which gets bigger every day because the stock keeps dropping. Is it safe?
Vietnam effectively devalued its currency by 2 percent, according to the Asian Wall Street Journal, to bring official exchange rates closer to black market rates. Consumer prices rose 25 percent in May year over year. Vietnam has been raising rates recently to lower the inflation rate.
The Dow tumbled badly Friday after oil shot up more than $11 to a new record. What's the "Word on the Street?"
For the week ending Friday, June 6, 2008, the markets finished in the red as the CBOE Volatility Index (VIX) again crossed above the 20 threshold and oil surged. Stocks were impacted by continued economic concerns, renewed trouble in the financial sector, and a record spike in crude oil on Friday. Although it was a negative week for the markets, the Dow managed a 200+ point rally on Thursday for the first time since 4/18, after retailers posted better than expected same store sales.
Stocks rose the most in more than a month on Thursday with the Dow making a triple digit advance. What's the "Word on the Street?"
"You continue--day after day--to knock the company at every opportunity. I understand you had a difficult relationship with the CEO before, but you shouldn't hold a grudge against the company for it..."
Despite at least a couple of analysts coming out with relatively bullish post-ASCO research notes on Pfizer's oncology drug pipeline, PFE shares have fallen to yet another new low intra-day and have crossed another threshold.
A cancer vaccine more than doubled the survival time of people with the most common and deadly type of brain tumor, U.S. researchers said.
First, in the front section, Pfizer is launching a new offensive (or maybe it's defensive?) campaign on the embattled anti-smoking drug Chantix. In a full-page message signed by the company's Chief Medical Officer, Pfizer says, among other things that it's "committed to patient safety (and) furthering our knowledge of Chantix."
I'm thinkin' those two drug giants are champin' at the bit for the docs to get McCain off generic Zocor and onto Lipitor or Crestor. On recent conference calls, some PFE officials have said they think a lot of patients who've had a similar experience to McCain's will eventually come back around to Lipitor.