As the big drugmaker tries to turn its fortunes around by focusing on oncology, it has turned to a Citi analyst who hasn’t recommended the stock in over a decade. But Andrew Baum has something Pfizer needs: oncology expertise.
The Nasdaq Composite turned lower and bond yields retreated after the University of Michigan’s consumer survey showed an uptick in inflation expectations. The Nasdaq was down 0.2% after trading higher earlier in the morning. The University of Michigan's consumer sentiment index fell to 67.4 in May, based on preliminary results.
Stocks opened higher as the Dow Jones Industrial Average looked set to extend its winning streak to eight sessions. The Dow was up 102 points, or 0.3%. The S&P 500 was up 0.3%. The Nasdaq Composite rose 0.