Stocks tumble as earnings worry drags Dow to fifth straight loss
Wall Street closes mixed amid anxiety over company profits. Alcoa posts a $1.19 billion Q4 loss and GE earnings outlook weighs on sentiment. Dow dips 25.41 to 8448.56 while S&P 500, Nasdaq and Russell 2000 rise amid cautious trading ahead of key results. Bond yields shift as traders await more earnings news.
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Pfizer to lay off up to 800 scientists in refocus plan
Pfizer plans a 5 to 8 percent cut of its global research staff this year, moving researchers into six core areas Alzheimer s cancer schizophrenia pain inflammation and diabetes. Lipitor faces generic competition by 2011 and torcetrapib failed in late stage trials.
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Citigroup Morgan Stanley merge to form joint brokerage
Citigroup and Morgan Stanley seal a deal to create Morgan Stanley Smith Barney with a 51 49 percent split. The venture will hold 20 000 advisers and 1.7 trillion in client assets serving 6.8 million households. Citigroup expects a 9.5 billion pretax gain and 1.1 billion in annual cost savings.
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