The strong market rally yesterday erased some of the days of losses in previous sessions. Cautious investors need to be wary of stocks showing signs of weakness.
Pfizer (PFE) shares started to stall, closing at $27.72. It disclosed that it would sell around £2B of its take in Haleon (HLN). Haleon is a combination of its consumer health business with GSK. Its brands include Sensodyne toothpaste, Advil, and TUMS. This cuts its stake from 32% to around 24%. Haleon plans to offset the big stock sale by buying $400 million worth of shares from Pfizer.
In the drug sector, AstraZeneca (AZN) and Abbott Laboratories (ABT) are also trading weakly on the stock market. Neither firm posted any major news. However, Abbott issued a recall for its HeartMate Touch System, citing a software glitch.
In the AI sector, Advanced Micro Devices (AMD) is at the cusp of bouncing back. Shares topped over $220 before closing on Monday at $190.65. Investors bought Nvidia (NVDA) stock after its GTC developer’s event. The impressive hardware announcement widens its lead over AMD in the AI GPU server market.
Major energy firms will attract buyers today after energy prices continue to climb. Oil prices rose after Ukrainian attacks on Russia’s infrastructure led to an idling of around 7% of refining capacity. This is according to Reuter’s analysis. ExxonMobil (XOM) and ConocoPhillips (COP) are the best energy stocks to watch.
