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Pfizer Spurs Pharma ETFs

NEW YORK ( TheStreet) -- Better-than-expected results from drug major Pfizer (PFE - Get Report) spurred buying in pharmaceutical and healthcare ETFs. Pfizer blew past estimates, helped by the acquisition of Wyeth and higher sales. The stock is up nearly 5% at $16.25.

Pharmaceutical HOLDRS (PPH), which counts Johnson & Johnson (JNJ - Get Report), Pfizer and Merck (MRK - Get Report) among its top holdings is rising 1.4% on Tuesday early trading. The iShares Dow Jones US Healthcare (IYH) and SPDR Health Care Sector (XLV) are also heading higher.

Weak economic data appears to be driving buyers to safe havens like gold. The SPDR Gold ETF (GLD) is up 0.6% to $116.30. Gold mining companies, a riskier way to invest in gold, is also seeing buying interest. The Market Vectors Junior Gold Miners ETF (GDXJ)is gaining 2.3%.

A blowout quarter from Solarfun (SOLF) and reports that a South Korean company is going to acquire a 49.9% stake in the Chinese solar module maker, is boosting buying in solar ETFs. The Market Vectors Solar ETF (KWT) is up 1.6% in Tuesday early trading, while Claymore/MAC Solar Energy ETF (TAN) is up 1.1%.

-- Reported by Shanthi Venkataraman in New York.

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Copyright 2010 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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