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WEDNESDAY, NOVEMBER 25, 2009
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 MARKET OPEN 
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Stocks Shrug Off Job Losses

Pfizer deal drives gains

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(Newser) – Pfizer’s massive deal to buy Wyeth helped investors shrug off the bloodbath at Caterpillar, Home Depot and Sprint-Nextel this morning, sending indexes slightly higher at the open. The Dow rose 55 points, while the S&P and Nasdaq rose 11 and 18 points respectively. Caterpillar fell 10% pre-market after announcing an 18% cut in its workforce, which adds up to 20,000 jobs. Meanwhile, Home Depot slashed 7,000 and Sprint-Nextel 8,0000.

Pfizer posted a 90% earnings drop, but the big news was its $68 billion acquisition of rival Wyeth. Pfizer shares fell 4% pre-market, while Wyeth rose 5%. Crucell meanwhile sank 12%, as Wyeth called off talks to buy the Dutch pharmaceutical.

Traders work on the floor of the New York Stock Exchange Friday, Jan. 23, 2009.
Traders work on the floor of the New York Stock Exchange Friday, Jan. 23, 2009.   (AP Photo/Richard Drew)
Traders Dave Henderson, left, and Ted Weisberg confer on the floor of the New York Stock Exchange Friday, Jan. 23, 2009.
Traders Dave Henderson, left, and Ted Weisberg confer on the floor of the New York Stock Exchange Friday, Jan. 23, 2009.   (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Friday, Jan. 23, 2009.
Traders work on the floor of the New York Stock Exchange Friday, Jan. 23, 2009.   (AP Photo/Richard Drew)
Sabrina Bryan, from The Cheetah Girls, poses fore photos on the floor of the New York Stock Exchange after she rang the opening bell Friday, Jan. 23, 2009.
Sabrina Bryan, from The Cheetah Girls, poses fore photos on the floor of the New York Stock Exchange after she rang the opening bell Friday, Jan. 23, 2009.   (AP Photo/Richard Drew)
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Bryanw55
Jan 26, 09 5:55 PM CST
Wall Street is still betting up when companies lay people off. Who are they expecting to buy the products of the companies they are betting on? Reply
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