Pfizer Draws Attention to Wall Street After Vaccine Forecast
Pharmaceutical Pfizer was in the spotlight on Tuesday at the opening of the stock exchanges in New York. Investors processed, among other things, the new forecasts of the American concern.
Pfizer expects to earn as much as $ 26 billion this year from the sale of the corona vaccine that the company has put on the market together with biotech company BioNTech.
Analysts initially responded positively to the quarterly report. But Pfizer’s stock lost nearly 1 percent in the first trading minutes. This may have to do with the costs. According to the company, research and development costs are also increasing along with the additional vaccine sales. Partner BioNTech was also significantly lowered, with a price loss of more than 5 percent.
The main indicators on Wall Street also fell. The sentiment is under some pressure amid speculation that tensions between China and Taiwan are on the rise again. Shortly after the opening bell, the leading Dow Jones index was 0.2 percent lower at 34,059 points, and the broad S&P 500 dropped 0.5 percent to 4172 points. Tech gauge Nasdaq lost 1.1 percent to 13,744 points.
Sportswear brand Under Armor also looked at the books. The company saw demand recover and has therefore raised its expectations. Still, the stock was lowered by nearly 1 percent by investors. Healthcare concern CVS Health also came up with a better prognosis and won almost 3 percent on the stock market.
Other companies that have come up with results are chemical group DuPont (minus 1.9 percent) and oil company ConocoPhillips (minus 1.2 percent). Furthermore, diagnosis company Precipio made a price jump of more than 49 percent. It was announced that a quick corona test of the company would also be available via Amazon.com online store.