The S&P 500 eked out a 1.5-point gain Monday to strike yet another record high as a fresh round of mergers and acquisitions fueled optimism in the markets.
- S&P 500 Hits New Record High on Fresh Round of Deals
- Trouble Ahead for Pfizer Stock (NYSE: PFE) as Lipitor Claims Inevitably Amass
- AMZN, BBRY, FDX Among Hot Stocks on the Move Today
- Time to Profit (Again) from the "ASCO Effect"
- Seven Biotech Stocks to Watch Based on "Game-Changing" Cancer Treatment Updates
- Dow Jones Kicks Off Short Week Sailing on U.S. Home Sales' High and These Stories
- The Dow Jones Industrial Average Jumps Triple Digits on These Top Stories
- Four Reasons Tech Stocks Will Rebound in 2014
Updated August 14, 2014: Pfizer stock (NYSE: PFE) will soon feel the pressure from the wave of lawsuits being filed claiming that Pfizer's blockbuster drug Lipitor - the world's best-selling drug of all time - causes type-2 diabetes in women.
"This will be a huge overhang on Pfizer stock," Money Morning Capital Wave Strategist Shah Gilani said. "Investors have to watch developments closely."
With a market cap of more than $180 billion, the world's largest pharmaceutical firm's pockets run deep. Lipitor alone brought in global sales of more than $125 billion for Pfizer over the 14-and-a-half years since its 1996 market debut (Pfizer's patent on Lipitor expired on November 30, 2011). More than 29 million patients took the drug just in the United States.
Today's hot stocks: While the FOMC meeting took center stage on Wall Street today, a number of stocks moved on earnings, company developments, and analysts' actions.
Featured on Wednesday's hot stocks to watch list is an economic bellwether hitting an all-time high, a biopharmaceutical company surging on a promising treatment for lung infections, and a biopharma skyrocketing in its IPO.
The American Society of Clinical Oncology meets every spring. It's attended by some 30,000 people and hosts 4,000 presentations.
Investors like us love ASCO because of the so-called "ASCO Effect" - a hefty surge in cancer-focused biotech stocks that always accompanies the start of this meeting.
And we usually recommend an oncology stock or two ourselves.
This year's ASCO turned us on to an important new trend - one that's shaping up as the next big profit opportunity in biotech. Full Story
A number of promising cancer treatments were presented this week by key global pharmaceutical players at the 2014 Annual Meeting of the American Society of Clinical Oncology (ASCO) - which is why this is a key time of year to watch a specific group of biotech stocks.
The event, which this year took place May 30 - June 3, is attended by thousands of renowned oncologists, researchers, analysts, and investors. It is unquestionably the most highly anticipated and most news-generating cancer research meeting of the year.
ASCO can deliver a blockbuster, breakout drug that will not only lead to better cancer treatments, but one that will also bring in billions of dollars in revenue. Moreover, there's also the potential of a drug's developer becoming a profitable takeover target.
The Dow Jones Industrial Average jumped Friday after new home sales in the United States surged to a three-and-a-half-year high. The S&P 500 closed above 1,900 for the first time ever.
The Dow Jones Industrial Average jumped triple digits after no surprises emerged from the Federal Reserve's April meeting minutes. Here are today's closing numbers:
DOW: 16,533.06, +158.75 points
S&P 500: 1,888.03, +15.2 points
NASDAQ: 4,131.54, 34.65 points
The year is nearly half over, and the mainstream media continues to obsess over a whipsaw stock market that's been cutting highflyers down to size.
The sullen outlook has lots of retail investors dumping tech stocks and running for the "safety" of the sidelines. That's a mistake no one should be making.
But tech stocks - and especially biotech stocks - are poised to do very well in the last half of 2014.