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June 1, 2020, 8:57 a.m. EDT

Pfizer's stock tumbles to pace the Dow's decliners, would cut about 17 points off the Dow's price

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By Tomi Kilgore

Share of Pfizer Inc. /zigman2/quotes/202877789/composite PFE +0.06% tumbled 6.5% in premarket trading Monday, enough to pace all of the Dow Jones Industrial Average' /zigman2/quotes/210598065/realtime DJIA +2.13% s early decliners after the drug maker said it halted a study of a potential breast-cancer treatment. The implied price decline would shave about 17 points off the Dow's price, while Dow futures /zigman2/quotes/210407078/delayed YM00 +2.04% were down 45 points. Pfizer's stock is the lowest priced component of the Dow, which is a price-weighted index, meaning percentage changes in Pfizer's stock have the least influence of the 30 components. For example, a 1% change in Pfizer's stock moves the Dow by about 2.6 points, while a 1% move in Apple Inc.'s stock /zigman2/quotes/202934861/composite AAPL +1.65% , which is the highest priced Dow components, would move the Dow by 21.6 points. Late Friday, Pfizer said a phase 3 trial of palbociclib, also known as Ibrance, did not reach its intended change in survival rates. Pfizer's stock has run up 14.3% over the past three months through Friday, while the Dow has slipped 0.1%.

/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 35.23
+0.02 +0.06%
Volume: 29.50M
July 14, 2020 4:02p
P/E Ratio
12.60
Dividend Yield
4.31%
Market Cap
$195.59 billion
Rev. per Employee
$580,595
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
26,642.59
+556.79 +2.13%
Volume: 401.64M
July 14, 2020 4:20p
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/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 26,499.00
+531.00 +2.04%
Volume: 292,069
July 14, 2020 3:18p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 388.23
+6.32 +1.65%
Volume: 41.71M
July 14, 2020 4:00p
P/E Ratio
30.44
Dividend Yield
0.84%
Market Cap
$1655.33 billion
Rev. per Employee
$1.98M
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