After the Fed released minutes of its last meeting, the bond market signaled it fears the Fed will not be aggressive enough with its rate cutting.Market Insiderread more
The Fed minutes also note that "a couple" members wanted a 50 basis point cut, based primarily on the weak inflation readings.The Fedread more
The inversion is seen by many veteran traders as an important recession omen, though the timing on the eventual downturn is less predictable.Bondsread more
Here's what Nordstrom reported for its fiscal second-quarter earnings.Retailread more
The sexy image that once boosted Victoria's Secret has been haunting L Brands more recently, as women are steering clear of the brand's hot pink, lacy and bejeweled lingerie.Retailread more
See which stocks are posting big moves after the bell.Market Insiderread more
President Trump and Apple CEO Tim Cook have had a rocky relationship in recent years, but Trump is now complimenting the executive publicly.Technologyread more
Apple's move into banking could break a key relationship point between customers and wireless carriers such as Verizon and AT&T, according to MoffettNathanson.Marketsread more
Federal Reserve members worried over future growth are highly concerned about the U.S.-China tariff battleThe Fedread more
President Donald Trump signed a memorandum on Wednesday to automatically cancel the student loan debt of disabled veterans. More than 25,000 service members will have their...Personal Financeread more
Reps. Rosa DeLauro, D-Conn., and Lucille Roybal-Allard, D-Calif., say they sent a letter to Homeland Security and the Department of Health and Human Services seeking answers.Health and Scienceread more
Pfizer said on Wednesday it would reorganize into three units, separating its consumer health-care business that the U.S. drugmaker has been trying to sell since last year.
The news comes a day after the company decided to defer drug price increases for no more than six months, following criticism from President Donald Trump for raising list prices of some medicines.
The units would be Innovative Medicines, Established Medicines and Consumer Healthcare. The company is currently split into two units - Innovative Medicines, which includes the consumer business, and Essential Health.
"This design gives us a sharper focus on diverse patients in diverse markets," Albert Bourla, chief operating officer said.
The Innovative Medicines business will now also include biosimilars and a new hospital business unit, and together with the Consumer Healthcare business, will account for about three-quarters of the company's revenue. Pfizer's 2017 annual revenue was $52.55 billion.
Pfizer said it would still evaluate options for its consumer healthcare business and expects to make a decision in 2018.
The company said in October last year that it was considering the sale or spin-off of the consumer healthcare business, which is worth about $15 billion. In May, Pfizer said that it had not received an acceptable offer.
The business consists of products ranging from Advil to lip balms.
The Established Medicines unit would include the majority of the company's off-patent brands, including Viagra and neurological disease treatment Lyrica as well as some generic drugs.
The changes would be effective at the start of fiscal 2019.
Pfizer shares slipped 0.7 percent.