Health & Fitness
Health and Fitness
Health and Fitness
Thu, June 28, 2012
Wed, June 27, 2012
All 10 Groups in S&;;P 500 Fall -- Shares of Bristol Myers Squibb and Pfizer Drop as FDA Delays Decision
June 27, 2012 08:20 ET
All 10 Groups in S&P 500 Fall -- Shares of Bristol Myers Squibb and Pfizer Drop as FDA Delays Decision
Five Star Equities Provides Stock Research on Bristol Myers Squibb and Pfizer
NEW YORK, NY--(Marketwire - Jun 27, 2012) - Energy and financial shares in the S&P 500 saw the biggest losses Friday, as all 10 groups in the index fell on concerns the European Union Summit will do little to ease Europe's growing financial crisis. "Declining oil prices and near-record low bond yields indicate slowing global growth, while elevated sovereign credit spreads and a strong U.S. dollar suggest the European crisis is nowhere near being resolved," said Mandy Xu, an equity derivatives strategist at Credit Suisse. Five Star Equities examines the outlook for companies in the S&P 500 and provides equity research on Bristol Myers Squibb Co. (
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The European Union summit will begin on June 28 and will be the European leaders first meeting since the Greek elections on June 17. German Chancellor Angela Merkel has stated her resistance to debt sharing in Europe. "It's not a bold prediction to say that in Brussels most eyes -- all eyes -- will be on Germany yet again," Merkel said. "I say quite openly: when I think of the summit on Thursday I'm concerned that once again the discussion will be far too much about all kinds of ideas for joint liability and far too little about improved oversight and structural measures." State Street Corp. predicts the euro will likely fall to $1.20 by the end of the year as the region's debt crisis grows.
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Shares of Pfizer and Bristol-Myers Squibb dropped after the Food and Drug Administration (FDA) delayed a decision on the companies' anti-clotting drug Eliquis. This has been the second time a decision on approval of the drug has been delayed. This latest setback likely means Eliquis launch in the U.S. will be delayed until next year.
"All of this is surprising given the widespread perception that Eliquis is a best-in-class product relative to already-approved" drugs Pradaxa and Xarelto produced by Johnson & Johnson and Bayer HealthCare, wrote Dr. Tim Anderson, analyst at BernsteinResearch. Dr. Anderson had previously projected sales forecasts of $2.3 billion in 2015 and $3.5 billion in 2020 for Eliquis.
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