Apple and Intel Soar on Tariff Pause; Pfizer Down on Obesity Drug Pivot
On this episode of Stock Movers:
- Intel (INTC) is soaring this morning as many chip-exposed companies are rising on news of a pause in US tariffs on chips and tech. Intel is also nearing an agreement to sell a stake in its programmable chips unit, Altera, to Silver Lake Management.
- Apple (AAPL) is also higher with news of tech tariff exemptions. Needham analyst Laura Martin is also reiterating her Apple Buy position in addition to the news, maintaining her $225 price target.
- Pfizer (PFE) is down today as it plans to abandon its obesity pill, danuglipron, due to a potentially drug-related liver injury in a clinical trial patient. The company will instead invest in earlier-stage obesity treatments, a setback in its efforts to compete with Novo Nordisk and Eli Lilly in the weight-loss market.
- Comcast (CMCSA) is down after it was cut by Wells Fargo to underweight with a price target of $31.
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