DAILY UPDATE: Pfizer Down While Stock Markets Ignite

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Activist investor takes $1 billion stake in Pfizer. The firm Starboard Value has amassed a stake in the pharma giant, which has struggled after reaching new heights during the pandemic, in hopes of turning the company around.

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What’s up

  • If you can’t beat ‘em, join ‘em: WW International, aka WeightWatchers, soared 46.95% after the company announced it will begin offering GLP-1 weight-loss drugs.
  • Nvidia rose 4.05% after the Foxconn CEO told CNBC that AI demand is still incredibly strong.
  • Trump Technology & Media Group soared 18.54% after Tesla CEO Elon Musk appeared alongside the former president at a rally in Pennsylvania over the weekend.
  • Palantir popped 6.58% after the CTO of the data analytics firm appeared on CNBC and told everyone that his company is making mad money.
  • Welcome to the club: S&P Global announced that DocuSign is replacing MDU Resources Group in the S&P MidCap 400 index, while MDU is moving to the S&P SmallCap 600 index. Docusign rose 6.55% on the news, while MDU gained 2.44%.
  • Humana finally caught a break when a Bernstein analyst upgraded the stock today, writing that the health insurer has been hurt enough. Shares rose 2.92%.

What’s down

  • What goes up must come down: Chinese stocks, which have enjoyed an impressive rally recently, came tumbling back to Earth today after the country’s state planner didn’t announce any new stimulus measures. Bilibili fell 12.93%, JD.com lost 7.52%, Alibaba sold off 6.67%, and Nio dropped 8.10%.
  • Today’s oil selloff pummeled energy stocks: Valero Energy lost 5.31%, while Marathon Petroleum stumbled 7.66%.
  • Sphere Entertainment dropped 2.84% on the news that its CFO is leaving the company.
  • Super Micro Computer gave back 5.01% after its rally yesterday as investors pocketed their profits.

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Here’s where the major benchmarks ended:

  • The SPX rose 55.19 points (0.97%) to 5,751.15; the Dow Jones Industrial Average® ($DJI) added 126.13 points (0.30%) to 42,080.37; and the NASDAQ Composite® ($COMP) gained 259.01 points (1.45%) to 18,182.92.
  • The 10-year Treasury note yield (TNX) rose one basis point to 4.03%.
  • The CBOE Volatility Index® (VIX) sank to 21.24, still above its long-term average.

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