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Pfizer Rallies Off Allergan News

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Pfizer (NYSE: PFE) shares are trading higher by $0.88 at $31.60 in Tuesday's session. The Street is applauding a possible cancellation of its merger with Allergan (NYSE: AGN) due to the tax inversion news. Pfizer's last statement said it's conducting review of Department of Treasury's actions.

In a volatile session, the issue has found support just under Monday's close ($30.72), reaching $30.58 and rallying firmly into the $31 handle. It is now approaching its January 8 high of $31.63. There may be additional resistance at the pair of highs from January 6 ($31.90) and January 7 ($431.81).

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