Is Pfizer In Trouble Too?
Stocks are lower amid higher
oil, mixed retail sales and new questions about drugs.
An editorial in the New England Journal of Medicine questioned the safety of
Merck’s VIOXX and the FDA’s monitoring of drugs. The editorial also calls into
question Pfizer’s Celebrex, a member of the same drug COX-2 inhibitor class.
Merck is trading down 3.78% and Pfizer is trading down 5%.
Wal-Mart
(
WMT |
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PowerRating) posted a 2.4% gain in same store sales, at the low end of
the range. Gap
(
GPS |
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PowerRating) same store sales fell 3% for September. Pier
One
(
PIR |
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PowerRating) said September sales fell 3.9% and the company forecast
further declines.
Oil prices hit $53 before pulling back slightly.
Bank of America
(
BAC |
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PowerRating) said it will cut
4500 jobs.
| Dow | -7.42 | 10169.57 |
| S&P 500 | -6.22 | 1133.83 |
| Nasdaq | -14.32 | 1956.71 |
Strong sectors are: Gold
(
XAU.X |
Quote |
Chart |
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PowerRating) +0.52%, Health Providers
(
RXHX |
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Chart |
News |
PowerRating) +0.38%.
Weak are: Biotech
(
BTK.X |
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Chart |
News |
PowerRating) -3.24%, Drugs
(
DRG.X |
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PowerRating) -3.08%,
Airlines
(
XAL.X |
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News |
PowerRating) -2.74%.
10-year Notes are -050 at 111 250
The dollar
is -0.18 at 88.47
Gold is -0.30 at 419.70.
Crude Oil was +0.58 at 52.60.
990 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 887 | Up Vol 238 |
| Declining | 2206 | Down Vol 741 |
| Ratio | 2.48 | 3.11 |
| Nasdaq |
||
| Advancing | 861 | Up Vol 439 |
| Declining | 2061 | Down Vol 535 |
| Ratio | 2.39 | 1.22 |
Stocks in the News
Advanced Micro Devices
(
AMD |
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PowerRating) reports after the close; estimates are
0.12.
Alcoa
(
AA |
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Chart |
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PowerRating) also reports after the close; estimates are 0.34.
Costco
(
COST |
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PowerRating) reported a higher quarterly profit.
Genentech’s
(
DNA |
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PowerRating) Q3 profit rose 58%.
Marriot
(
AMR |
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PowerRating) said Q3 profit rose 45%.
Isis Pharmaceuticals
(
ISIS |
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PowerRating) won three government contracts worth up
to $10 million.
Corning
(
GLW |
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PowerRating) said it will take a Q3 charge of $2.8 billion.
Magma Design Automation
(
LAVA |
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PowerRating) said orders for Q2 would be lower
than expected.
Interlase
(
ILSE |
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PowerRating) was priced at $13/share.
Pixelworks
(
PXLW |
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PowerRating) cut its Q3 revenue outlook.
Starbucks [SBUX|SBUX} posted a September same store sales increase of 7%,
the smallest increase since May, citing hurricanes.
West Marine
(
WMAR |
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PowerRating) cut its Q3 outlook.
Brice Wightman