Market Overview

Wild Ride In Pfizer As The Street Digests Potential Deal With Allergan

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Pfizer Inc. (NYSE: PFE) shares are trading lower by $0.12 at $35.33 in Thursday's session. The Street cannot decide whether or not friendly discussions with Allergan PLC (NYSE: AGN) for a takeover are good or bad.

The Street initially applauded the deal as the issue screamed to $36.64 in pre-market action when the news of the potential deal hit the tape. That high coincided with its 11-year high made made on July 31 at $36.46. As clarification of the talks was delayed, the issue gave back all of those gains and then some. When the halt was lifted, it swooned all the way to $34.25.

After making its day low on the opening print, it has rallied as high as $35.90. The $36 area may be a resistance level for the issue as it peaked at $36.07 in Wednesday's session.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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