Dow added 136, advancers over decliners 3-1 & NAZ gained 42. The Financial Index rose 2+ to the 216s, near the high end of its yearly high. The MLP index was up 2 to 406 while the REIT index was flat at 261. Oil rose to a one-week high after the
Energy Dept reported that crude supplies unexpectedly
declined & as equities gained on increasing optimism that US
economic growth is accelerating. Gold slipped a tad.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
Lipitor, Photo: Bloomberg
Pfizer, a drug stock, its Q3 profit fell 14% as sales plunged, mainly due to increased US generic competition to cholesterol fighter Lipitor. Still, the company just beat expectations & raised its 2012 profit forecast. Sales of Lipitor dropped 87% in the US & 71% worldwide, to a total of $749M. Sales for more than 2/3 of company's medicines declined, most by 10% or more, mainly due to generic competition, which cut prescription drug sales by about $2.5B. However, PFE remains the world's biggest drugmaker by revenue because rivals also are being hammered by generic competition, the weak global economy & price cuts by gov health programs, particularly in Europe. EPS was 43¢, down from 48¢ a year earlier. Adjusted EPS hit 53¢, a penny more than expected. That excludes a $1.1B gain from a tax settlement, a $491M charge to settle a probe over past improper marketing of immunosuppressant drug Rapamune & other one-time items. Revenue fell 16% to $13.98B, well below expectations for $14.7B. Unfavorable exchange rates cut worldwide revenue by 4%, or 2¢ per share. CFO Frank D'Amelio said PFE is working to offset sales losses to generics "with expense discipline" & share repurchases. Revenue from prescription drugs dropped 18%, to $12.1B, as sales fell sharply for primary care & specialty care medicines & dipped 1-2% for cancer drugs & drugs sold in emerging markets such as China and India. CEO Read said, "In '13, '14 and '15, we're expecting (patent expirations) to continue on a pace of about $3.5 billion to $4 billion a year." "We will grow again and we will become a reasonable-growth company, but it's over a long period of time." Pfizers authorized a new $10B share repurchase program. The stock fell 32¢.
Pfizer Profit Matches Estimates as Forcast Range Narrows
Greek stocks are headed for the biggest weekly retreat in 4 years as coalition lawmakers squabble over austerity measures needed to guarantee the flow of bailout funds & keep the nation in the euro. The benchmark index dropped 5% today, taking its decline so far this week to 13% after the gov unveiled debt forecasts falling further behind its targets. Shares extended declines after a court ruled that planned pension cuts may be unconstitutional. Prime Minister Samaras’s bid to please lenders from the EU & IMF with a €13.5B ($17.5B) austerity package & unlock vital funds ran into renewed obstacles this week from coalition partners. A law on state asset sales that is key to reducing debt scraped through Parliament yesterday, raising concerns on whether Samaras’s coalition will be able to muster requisite support to pass the measures. The yield on the benchmark 10-year bond increased 40 basis points to 18.17%. This Greek drama is far from over.
Greek Stocks Tumble Amid Concerns on Government Stability
Photo: Bloomberg
US retailers posted Oct same- store sales that topped estimates as rising home values & consumer confidence boosted spending. Same-store sales for the more than 20 companies tracked by Retail Metrics rose 5%, excluding drugstores, beating estimates for a 4.6% gain. That follows a 3.9% increase in Sep. Most chains count locations open at least a year to tabulate same-store sales & the revenue is a key indicator of a retailer’s growth because new & closed sites are excluded.
Retailers’ October Sales Top Estimates
Markets started the new month on the right foot with good gains. Tomorrow brings the Oct jobs report & expectations are modest. Beating the forecast of 125K new jobs may bring out more bulls, but it probably won't reduce the unemployment rate which dropped 0.3% last month for no good reason other than more people leaving the work force. But the bulls are happy to see Dow hold above 13K once again.
AMJ (Alerian MLP Index tracking fund)
Treasury yields:
U.S. 3-month |
0.091% | |
U.S. 2-year |
0.281% | |
U.S. 10-year |
1.715% |
| CLG13.NYM | Crude Oil Feb 13 | 87.90 |  0.62 (0.7%) |
Lipitor, Photo: Bloomberg
Pfizer, a drug stock, its Q3 profit fell 14% as sales plunged, mainly due to increased US generic competition to cholesterol fighter Lipitor. Still, the company just beat expectations & raised its 2012 profit forecast. Sales of Lipitor dropped 87% in the US & 71% worldwide, to a total of $749M. Sales for more than 2/3 of company's medicines declined, most by 10% or more, mainly due to generic competition, which cut prescription drug sales by about $2.5B. However, PFE remains the world's biggest drugmaker by revenue because rivals also are being hammered by generic competition, the weak global economy & price cuts by gov health programs, particularly in Europe. EPS was 43¢, down from 48¢ a year earlier. Adjusted EPS hit 53¢, a penny more than expected. That excludes a $1.1B gain from a tax settlement, a $491M charge to settle a probe over past improper marketing of immunosuppressant drug Rapamune & other one-time items. Revenue fell 16% to $13.98B, well below expectations for $14.7B. Unfavorable exchange rates cut worldwide revenue by 4%, or 2¢ per share. CFO Frank D'Amelio said PFE is working to offset sales losses to generics "with expense discipline" & share repurchases. Revenue from prescription drugs dropped 18%, to $12.1B, as sales fell sharply for primary care & specialty care medicines & dipped 1-2% for cancer drugs & drugs sold in emerging markets such as China and India. CEO Read said, "In '13, '14 and '15, we're expecting (patent expirations) to continue on a pace of about $3.5 billion to $4 billion a year." "We will grow again and we will become a reasonable-growth company, but it's over a long period of time." Pfizers authorized a new $10B share repurchase program. The stock fell 32¢.
Pfizer Profit Matches Estimates as Forcast Range Narrows
Pfizer (PFE)
Greek stocks are headed for the biggest weekly retreat in 4 years as coalition lawmakers squabble over austerity measures needed to guarantee the flow of bailout funds & keep the nation in the euro. The benchmark index dropped 5% today, taking its decline so far this week to 13% after the gov unveiled debt forecasts falling further behind its targets. Shares extended declines after a court ruled that planned pension cuts may be unconstitutional. Prime Minister Samaras’s bid to please lenders from the EU & IMF with a €13.5B ($17.5B) austerity package & unlock vital funds ran into renewed obstacles this week from coalition partners. A law on state asset sales that is key to reducing debt scraped through Parliament yesterday, raising concerns on whether Samaras’s coalition will be able to muster requisite support to pass the measures. The yield on the benchmark 10-year bond increased 40 basis points to 18.17%. This Greek drama is far from over.
Greek Stocks Tumble Amid Concerns on Government Stability
Photo: Bloomberg
US retailers posted Oct same- store sales that topped estimates as rising home values & consumer confidence boosted spending. Same-store sales for the more than 20 companies tracked by Retail Metrics rose 5%, excluding drugstores, beating estimates for a 4.6% gain. That follows a 3.9% increase in Sep. Most chains count locations open at least a year to tabulate same-store sales & the revenue is a key indicator of a retailer’s growth because new & closed sites are excluded.
Retailers’ October Sales Top Estimates
Markets started the new month on the right foot with good gains. Tomorrow brings the Oct jobs report & expectations are modest. Beating the forecast of 125K new jobs may bring out more bulls, but it probably won't reduce the unemployment rate which dropped 0.3% last month for no good reason other than more people leaving the work force. But the bulls are happy to see Dow hold above 13K once again.
Dow Jones Industrials
1 comment:
Retail sales are a very weak a month or two of good sales does not it make a big deal.
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