Market Overview

Pfizer's Stock Responds To Positive Barron's Article

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Pfizer Inc. (NYSE: PFE) shares are trading higher bu $1 at $34.82 in Monday's session. Over the weekend, Barron's published a positive article on the issue, citing its 80 drugs in the pipeline as a primary catalyst for a move higher.

After a higher open, it retreated only $0.02 to $34.15 before continuing to move higher. So far, it has found resistance just above Friday's high ($34.90), reaching $34.98 and trading far off that level. Last week, it reached $36.07 before retreating to $33.72 on Friday as rumors surfaced the company may be pursuing a takeover of Allergan plc (NYSE: AGN).

The issue posted an 11-year high ($36.46) in July 31.

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

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Posted-In: Premarket outlookTechnicals Intraday Update Trading Ideas

 

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