Pfizer Spurs Pharma ETFs

Better-than-expected results from Pfizer spurs buying in pharma ETFs.
Author:
Publish date:

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) - Get Report

, 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) - Get Report

and

SPDR Health Care Sector

(XLV) - Get Report

are also heading higher.

Weak economic data appears to be driving buyers to safe havens like gold. The

SPDR Gold ETF

(GLD) - Get Report

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) - Get Report

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) - Get Report

is up 1.1%.

-- Reported by Shanthi Venkataraman in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

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 This material may not be published, broadcast, rewritten, or redistributed.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