U.S. Stocks Retreat on Subprime, Earnings Concerns; Intel, Pfizer Decline

(Bloomberg) -- U.S. stocks fell after Bear Stearns
Cos. told investors there's little value left in its two failed
hedge funds while Intel Corp. and Pfizer Inc. said competition
hurt earnings.

Financial shares were the biggest drag on the Standard &
Poor's 500 Index after Bear Stearns said ``unprecedented
declines'' in securities used to bet on subprime mortgages wiped
out the funds. Intel, the world's biggest chipmaker, and Pfizer,
the largest drugmaker, led the Dow Jones Industrial Average down
from a fourth-straight record.


Read more at Bloomberg Stocks News

Pfizer to Spend $300 Million on R&D in South Korea by 2012, Ministry Says

(Bloomberg) -- Pfizer Inc., the world's biggest
drugmaker, will spend $300 million on research and development in
South Korea in what the government says is the largest such
investment by a foreign entity.

Pfizer Chairman Jeffrey Kindler signed an initial agreement
with South Korea's Ministry of Health and Welfare to cooperate in
the development of drugs and medical technology, the ministry
said today in an e-mailed statement.


Read more at Bloomberg Emerging Markets News

Nigerian state sues drugmaker Pfizer over tests

(Reuters) - The attorney general of Kano, in northern Nigeria, filed five claims for damages totaling $2.075 billion before a state high court. The defendants are Pfizer, its Nigerian subsidiary and seven individuals who worked for the companies in 1996.




"The plaintiff contends that prior to the treatment by the first defendant , the children treated ... which children number 200, did not have the medical conditions or disorders which they suffered after being treated," the suit says.


Read more at Reuters.com Business News

Pfizer says CFO resigns; R&D president to retire

(Reuters) - Pfizer, which ousted Chief Executive Hank McKinnell last July after a disappointing pipeline of new medicines sent its share price to multi-year lows, said Levin had resigned to pursue career opportunities outside of Pfizer.




John LaMattina, president of global research and development, will also leave his post and retire by the end of this year after 30 years with the company.


Read more at Reuters.com Business News