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Biotech / Medical : PFE (Pfizer) How high will it go?
PFE 25.08-2.7%Nov 14 9:30 AM EST
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To: zurdo who wrote (4022)7/8/1998 11:03:00 AM
From: B.REVERE  Read Replies (1) of 9523
 
Zurdo, my perception of what is occurring this week is basically
this:

1) Those short the stock, or have written puts or sold calls
are in a bind right now. Options expire next Friday or at least
two days after pfe earnings come out. Do they sit tight with their 110
or 115 options knowing they could be worthless by Wednesday? With
pfe going up now on better than expected earnings, they are seeing any paper profits going up in smoke as the minutes tick by. As they close out their positions, the mm's have to buy the stock to cover their
position. Anyone who wrote calls will wait until earnings to
close out their positions so the downside risk is neglible until earnings are released.

2) The news comung out from Pfiser the last few days have turned
positive. Even Ted David on cnbc commented on Monday about how
the deaths of men taking Viagra were not proven to be related and
that mortality rates within this group were 300 per month. His
implication was clear that the media story from the w/s rag was b/s.

3)The positive report from IMS yesterday has opened up the eyes
of a lot of analysts who don't do their homework. Brokers who
originally felt that pfe was overvalued have had to re-evaluate
pfe's projected p/e ratio for next year. Factor in Europe for
1999 and your p/e drops below 40 at this level.To pay 2x the
value of a company growing at 22%+ per year, plus knowing that
they're pouring money back into r&d every quarter to keep that growth
intact is what will drive this stock up.

Later,

BR

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