Bristol-Myers Squibb ( BMY) and Pfizer's ( PFE) apixaban drug showed promise in preventing strokes in a clinical study, the companies said. Separately, Pfizer's lung-tumor fighting drug, Crizotinib, has been approved by the Food and Drug Administration. Pfizer shares were gaining 2.4% to $18.64 and Bristol shares were rising 1% to $29.
Wells Fargo ( WFC), JPMorgan ( JPM) and Lone Star Funds are the winners of the bids for a $9.5 billion pool of U.S. commercial real estate loans sold by Anglo Irish Bank, according to Reuters. Wells Fargo shares were advancing 1.3% to $24.90 and JPMorgan shares were adding 1.4% to $36.70.
China Petroleum & Chemical Corp. ( SNP) reported a 12% rise in its net earnings for the first half of 2011. But the company, which is also known as Sinopec, reported a 12.2 billion renminbi operating loss in its refining business. Looking ahead to the rest of the year, Sinopec said it expects international crude oil prices to fluctuate within a wider range. The company also said the rest of the year "is likely to be marked by turbulence in the international financial markets, bringing uncertainty to the global economic recovery."
Dresser-Rand Group ( DRC), an equipment services provider to the oil, gas and chemical industries, plans to repurchase up to $150 million of its common stock.
Insurers such as Chubb ( CB) and Allstate ( ALL) are expected to be in focus as investors assess the property damage in the East Coast from Hurricane Irene. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.