Pfizer Inc (NYSE:PFE) entered the earnings ring before the bell this morning, announcing fourth-quarter earnings of 10 cents per share, which is higher than analysts' anticipated losses of 22 cents. Revenue of $14.25 billion came in lower than the expected $14.42 billion. In regard to 2024, the pharmaceutical giant reaffirmed its forecast.
Pfizer stock has erased its earlier gains, currently down 1.7% at $27.02. The stock ran up to recent pressure at its 20-day moving average before the reversal, which has it trading at its lowest level since mid-December. Longer term, PFE's 60-day moving average has helped guide the shares lower.
Unless something very unexpected happens tomorrow, the equity is on track to close its 10th-straight month lower. This isn't entirely unusual for Pfizer stock in January, as it tops the list of the worst stocks to own this month, going back 10 years.
Options traders appear to be betting on a bounce, however. So far today, 146,000 calls have been exchanged in comparison to 71,000 puts, with overall volume running at triple the intraday average amount. The weekly 2/23 26-strike call is the most active contract by far, with new positions being opened there.
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