Pfizer's Revenue Forecast Causes Major Stock Drop

Pfizer's stock dropped over 7% as the pharmaceutical company provided disappointing full-year guidance for 2024, with a decline in COVID-19-related product sales. Pfizer expects its legacy pharmaceutical business to generate $54.5 billion to $57.5 billion in sales for 2024, down from previous expectations. Linde, an industrial gas company, saw its stock fall about 5% after hitting record levels earlier in the week. The decline is likely a reaction to the stock's recent gains, as Linde remains fundamentally strong with a diversified client base and high demand for its gases.