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MarketWatch MarketPulseOct 27, 2020
Pfizer cites $500 million impact in the third quarter as a result of the COVID-19 pandemic
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.



Google Business NewsOct 27, 2020
The latest on the coronavirus pandemic: Live updates - CNN
The latest on the coronavirus pandemic: Live updates  CNNCovid: Antibodies 'fall rapidly after infection'  BBC NewsThe Herd Immunity Theory is in Serious Doubt  TheStreetAsymptomatic virus sufferers lose antibodies sooner: Study - The Jakarta Post  Jakarta Post

Wall Street Journal US BusinessOct 27, 2020
3M Sales Rise From Personal-Safety, Home-Improvement Products
The manufacturer's profit fell as expenses grew and demand for products serving industries affected by the Covid-19 pandemic continued to decline.

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Yahoo BusinessOct 27, 2020
Merck raises annual profit outlook as Keytruda drives profit beat
The upbeat results showed Merck was on a recovery path after its revenue took a hit at the height of the pandemic, nudging the company's shares about 2% higher in premarket trading. Sales of Keytruda, which is an approved treatment for cancers including non-small-cell lung cancer, rose 21% to $3.7 billion, above analysts estimates of $3.66 billion, according to six analysts polled by Refinitiv. Merck said it now expects full-year adjusted profit of between $5.91 and $6.01 per share, compared with its prior forecast of between $5.63 to $5.78 per share.


Accounting TodayOct 27, 2020
Employers refilling open accounting jobs amid pandemic
Nearly 70 percent of organizations that have furloughed or laid off their employees during the novel coronavirus pandemic plan to back-fill the roles that were eliminated with other employees taking over.

Wall Street Journal US BusinessOct 27, 2020
Pandemic Dents Third-Quarter Sales for Pfizer
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.

MarketWatch MarketPulseOct 27, 2020
Turning Point Brands shares jump premarket after earnings blow past estimates
Turning Point Brands Inc. shares jumped more than 6% in premarket trade Tuesday, after the maker of cigarette rolling papers and vapes blew past earnings estimates for the third quarter. Louisville, Kentucky-based Turning Point posted net income of $7.8 million, or 40 cents a share, in the quarter, up from $6.3 million, or 31 cents a share, in the year-earlier period. Adjusted per-share earnings came to 75 cents, well ahead of the 32 cents FactSet consensus. Sales rose 7.6% to $104.2 million, also ahead of the $91.7 million FactSet consensus. "Smokeless saw continued same store sales momentum in MST and newfound strength in loose leaf chewing tobacco. Smoking (Zig-Zag) saw its highest growth rate in recent history driven by product and channel growth initiatives behind rolling papers, the benefits of greater control of our MYO cigar wraps business after the Durfort transaction closed in the second quarter, and a burgeoning e-commerce presence," Chief Executive Larry Wexler said in a statement. "Overall, we are seeing ongoing benefits from re-shaping our business towards a more growth-oriented mindset and are able to raise our outlook once again for the remainder of the fiscal year." The company is now expecting sales to range from $395 million to $401 million, up from prior guidance of $370 million to $382 million. The current FactSet consensus is for full-year sales of $401.1 million. Sales of cannabis in those states that have legalized it for medical or recreational pur0oses have held up during the pandemic. Turning Point shares have gained 15% in the year to date, while the S&P 500 has gained 5%.

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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USA Today MoneyOct 26, 2020
Home Depot releases Black Friday sales ad with deals starting Nov. 6 amid coronavirus pandemic
Home Depot's Black Friday 2020 sale runs Nov. 6 through Dec. 2 amid the COVID-19 pandemic. The holiday deals will be available while supplies last.      

NPR Topics: BusinessOct 19, 2020
China's Economy Bounces Back As Pandemic Is Brought Under Control
With the coronavirus pandemic still raging globally, China will be the only major economy in the world to post positive growth this year.
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