Market Focus

Pfizer

Pfizer is reportedly facing a surge of lawsuits over its blockbuster drug Lipitor. According to Reuters a fast-growing number of women have filed lawsuits against the pharmaceutical giant, who claim the company knew about serious side effects associated with the drug, but didn’t inform the public. Some of the alleged side effects include causing type 2 diabetes and inducing memory loss. Despite that, shares were up one percent to $28.34.

Sotheby’s 

Sotheby’s posted weaker-than-expected second-quarter earnings and revenue. It blamed the weak results on a higher tax rate and special charges. Shares plunged nearly eight percent to $37.49.

Post Holdings

Breakfast cereal maker, Post Holdings cut its earnings outlook for the year, sending shares way down in today’s session. The company swung to a loss in its most recent quarter on charges related to a recent string of acquisitions. Despite that, it announced it will buy peanut butter maker American Blanching for $128 million. Shares tumbled about 16 percent to $37.43.

Tekmira

Shares of Tekmira took off today as investors got a chance to react to good drug news. The Food and Drug Administration cleared its experimental Ebola drug for potential use in humans affected with the virus. Now Tekmira will be able to use the drug in limited experiments. The stock surged, up 45 percent to $20.07.

 

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