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Nearest Resistance: N/A
Nearest Support: $23.75
Catalyst: Earnings, IPO, Phase III Results
First up today is
Pfizer(PFE - Get Report), the drugmaking giant that's known for blockbuster drugs like Celebrex, Lipitor and Viagra. Pfizer announced its second-quarter earnings this morning, besting Wall Street's expectations thanks to cost cutting efforts.
It was an action-packed morning for Pfizer. On top of earnings, the firm announced that it had received positive phase III results from one of its pipeline rheumatoid arthritis drugs and that it was planning to file in mid-August to IPO its animal health unit. The deal will unload around 20% of Pfizer's stake of the subsidiary.
>>22 Biopharma Stocks With Breakout Potential
The news sent Pfizer to a new
52-week high in this morning's trading, a good sign for shareholders. Making new highs is significant from an investor psychology standpoint because it means that everyone who has bought shares in the last year is sitting on gains - as a result, the "back to even" mentality is less of a concern than it would be for a name with a higher proportion of shareholders sitting on losses.
For late-to-the-game buyers though, I'd recommend sitting on the sidelines until PFE pushes above today's high water mark.
Pfizer, as of the most recently reported period, is one of
Ken Fisher's top holdings.