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 Shares of Pfizer Inc. were up 0.1% in premarket trading on Tuesday after the drug maker missed sales expectations for the quarter. Pfizer had earnings of $2.2 billion, or 39 cents per share, in the third quarter of 2020, down from $7.7 billion, or $1.36 per share, in the same quarter a year ago. It had adjusted earnings per share of 72 cents for the quarter, against a FactSet consensus of 71 cents. The drug company's revenue fell 4% to $12.1 billion for the quarter, compared with $12.7 billion in the same quarter a year ago. The FactSet consensus was $12.3 billion. The company attributed an estimated unfavorable impact of $500 million for the quarter to the COVID-19 pandemic, citing lower demand for anti-infective products used in surgeries in China and disruptions in traditional prescribing patterns in the U.S. as people avoided going to to the doctor, including a 19% drop in sales of its smoking-cessation drug Chantix. The impact was offset to some degree by "strong performance" of its heart drugs, Vyndaqel and Vyndamax, and its biosimilars business. It did not disclose any additional details about its work to develop a COVID-19 vaccine with BioNTech . However, it did note that the Phase 2/3 clinical trial for the vaccine candidate had enrolled 42,000 participants as of Monday, and about 85% of the participants have received their second and final dose of the experimental vaccine. Pfizer adjusted its 2020 guidance for adjusted earning share to $2.88 to $2.93, from $2.85 to $2.95. Pfizer's stock is down 3.2% for the year, compared with the S&P 500 , which has gained 5.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 It's down to the wire. The U.S. Presidential elections are only a week away, and with the polls showing Biden has an edge over President Trump, investors are preparing.Oppenheimer's Chief Investment Strategist John Stoltzfus points out that last week, stocks churned as investors rebalanced their portfolios, rotating and adding additional exposure to value stocks "while others took profits in growth names that had previously run-up substantially ahead of what could be higher capital gains and other taxes next year," in the event that the Democrats come out on top.Highlighting that the expectation of an effective COVID-19 vaccine is behind the broadening of investor appetite for equities, Stoltzfus argues this renewed appetite " improves the attractiveness of value stocks."Going forward, the strategist notes the Federal Reserve's efforts "underscore the case for the economy's recovery and the equity markets' resilience and potential from here." Although a "blue wave" is seen as a potential risk, Stoltzfus thinks this outcome is very unlikely, and that continued split control should alleviate market worries.Taking Stoltzfus' outlook into consideration, our attention turned to three stocks Oppenheimer analysts believe can surge by at least 70% in the year ahead. Running the tickers through TipRanks' database, we found out that each boasts a "Strong Buy" consensus rating from the broader analyst community.Chromadex (CDXC)Focused on improving the way people age, Chromadex operates as a science-based integrated
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The Covid-19 pandemic weighed down sales for some drugs in the latest quarter as the company's candidate vaccine for the virus that has caused the public-health crisis continues in a large late-stage trial.
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Shares of Novavax Inc. gained 2.9% in trading on Tuesday after the company said it expects to launch a Phase 3 trial for its COVID-19 vaccine candidate in Mexico and the U.S. by the end of next month. It already started a late-stage trial for its vaccine in the U.K. in September. Novavax has published some data for its experimental COVID-19 vaccine from its Phase 1 clinical trial, in September in the New England Journal of Medicine. It said Tuesday it plans to present new reactogenicity data from the Phase 2 trial on Friday, during an advisory committee on immunization practices meeting convened by the Centers for Disease Control and Prevention. Novavax's stock has soared 2,180.1% so far this year, compared with the S&P 500 , which is up 5.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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