Why Pfizer Stock Popped Today

Pfizer (NYSE: PFE) was a stock on the move Wednesday, and not because of any news generated by the healthcare company. Reports of a meeting between Pfizer's leader and an activist investor breathed life into the stock, which closed the day more than 3% higher in price. That gain well exceeded the 0.7% increase of the S&P 500 index.Late afternoon on Tuesday, the Financial Times (FT) published an article stating that Pfizer CEO Albert Bourla plans to meet that activist investor, Starboard Value. Citing unnamed "people familiar with the matter," the business newspaper wrote that Bourla is to engage in talks with Starboard, accompanied by at least one other member of Pfizer's board of directors. That report came mere days after The Wall Street Journal broke the news that Starboard had taken a stake worth around $1 billion in the American pharmaceutical giant. That would give it a roughly 0.6% holding in the company. Although this is not a major stake, it is sufficient for Starboard to loudly and publicly advocate for change -- the typical method of operation for activist investors. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool