Afternoon Market Update (CELG, BP, CAM, PFE)

Celgene Corp (NASDAQ: CELG) was the top loser in drug stocks, dropping about 9.24%. Celgene reported unsatisfactory long-term survival data for its oncology drug called Revlimid. The NYSE Arca Pharmaceutical Index (DRG) lost about 0.5%. The NYSE Arca Biotechnology Index (BTK) fell about 0.9%.

The NYSE Arca Oil Index (XOI) gained 0.29%, with BP PLC (NYSE: BP) as the top gainer. The NYSE Arca Natural Gas Index (XNG) rose about 0.51%. The Philadelphia Oil Service Sector Index (OSX) lost about 0.62%, with Cameron International Corp (NYSE: CAM) being the biggest loser, falling about 2.16%.

Pfizer Inc (NYSE: PFE) declared a sudden departure of Jeffrey Kindler, Chairman and CEO. Kindler said, “The combination of meeting the requirements of our many stakeholders around the world and the 24/7 nature of my responsibilities, has made this period extremely demanding on me personally.” He decided to retire after a service of four and a half years.

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