TyB
Pfizer shares sink after it resets 2024 COVID expectations
Pfizer (PFE.N) on Wednesday forecast 2024 sales that could be as much as $5 billion below Wall Street expectations, a move top executives said provided a more reliable view of its COVID-19 business than it had this year, driving shares down to a 10-year low.
Revenue from Pfizer's COVID-19 vaccine and treatment, which peaked at $57 billion in 2022, are now expected to be $8 billion in 2024, a further drop from the $13 billion analysts' forecast and Pfizer's own lowered view of $12.5 billion for this year. We want to be conservative," Pfizer Chief Executive Officer Albert Bourla said on a conference call with investors. "We want to be reliable so we won't create uncertainty (again), which was the case, unfortunately, this year."
Pfizer used some of its COVID windfall to acquire companies, including a $43 billion deal for cancer drugmaker Seagen it expects to close this week, and launched a new RSV vaccine based on the mRNA technology behind its COVID vaccine. But the recent RSV launch has been disappointing, trailing a rival's shot, and shares have fallen 44% so far this year. In addition, COVID vaccination in the U.S. have dropped sharply with just about 17% of the eligible population getting the most recent updated boosters due in part to declining concern about the virus, as well as vaccine fatigue.
The New York-based drugmaker also forecast 2024 adjusted profit in the range of $2.05 to $2.25 per share, lower than analysts' expectation of $3.16.
Pfizer shares were off another 7.3% on Wednesday, which would erase over $12 billion in market capitalization if losses continue through the day. [that ain’t going nowhere but where it is but that depends on muh FED if the bots run in but it’s ded]
https://www.reuters.com/business/healthcare-pharmaceuticals/pfizers-2024-revenue-forecast-below-wall-street-estimate-2023-12-13/
https://finance.yahoo.com/quote/PFE
>>20068350 lb
Italian AF IAAM9002 A319Meloniand GreekAF HAF652B Falcon 7x went to Brussels
MOOSE71 C17 Globemaster left Tel Aviv
2 IAF tankers joined IRON Oron AEW&C G550 in eastern Med
SAM564 C40B departed San Jose Intl after arriving yesterday
This AC was used by the JCOS Chair Milley in past
SOKO AF POSIDN1 P8 Poseidon heading to NAS JAX
Federal Reserve signals rate cuts next year
The US central bank left interest rates unchanged as it said it remained committed to fighting inflation.
But members of the Federal Reserve gave the strongest sign yet that they expect to start cutting rates next year.
Projections released after the bank's meeting showed they expect its key interest rate to stand at 4.6% next year, more than half a percentage point lower than the current rate. The Fed's rate remains at 5.25%-5.5%, the highest level in 22 years. Markets surged on signs the central bank could reduce rates in 2024. The Fed has sharply raised interest rates since the start of 2022 in a bid to cool the economy and slow
https://www.bbc.com/news/business-67708832
Hedges being put on here in metals-but expect these to drop once Jerry starts talking
Told you they were done 6 months ago.
10y heading to 4% which helps the unrealized losses in the banking system
Shorts covering in equities as well. By pausing they are admitting that 3%-still fantasy-is now acceptable instead of the total farce of 2%
Oil continues its bounce from $68 but tired and US$ is sitting on $103
https://www.kitco.com/charts/livegold.html
https://www.kitco.com/charts/livesilver.html
https://tradingeconomics.com/united-states/government-bond-yield
https://tradingeconomics.com/commodity/crude-oil
March CME FEDWatch shows 25bp cut @57.5% but this gonna move around much moar as these are contracts bought to send the message on Prime and FFR rates
Bond markets already cut rates Jerry and FOMC just delivery bois
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html