Solid News

The stocks of one of the world's largest pharmaceutical companies Pfizer Inc. continue their correction and are just below the 51.00 mark.

The shares look fairly stable against the background of a general decline in American markets, and the corporation is supported by its activities aimed at expanding its business. So, it was reported about the creation of 400 to 500 new jobs at the plant in Ireland and plans to invest more than 1.2B euros in expanding production, bringing the staff of enterprises in the country to 5.5K people.

As for the financial condition of Pfizer Inc., the report for Q3 confirmed the decline in key indicators relative to Q2. Thus, revenue amounted to 22.6B dollars, which still exceeded the 21.33B dollars predicted by analysts, and earnings per share reached 1.78 dollars, which also turned out to be higher than the expected 1.44 dollars. 

The most positive news of recent times was the announcement of another increase in dividends. The company confirmed its commitment to its annual increase program, and after the last quarterly payment, which will take place at the old rate of 0.40 dollars per quarter today, Pfizer Inc. plans to adjust the amount of dividends to 0.41–0.42 dollars per share for the quarter. Against this background, the yield may increase to 3.70–3.90% per annum, which is an excellent result for the conservative American market.

On the daily chart, quotes continue to rise within the corrective wave, having overcome the resistance line of the global descending channel the day before.

Technical indicators still hold a stable buy signal: the fast EMAs of the alligator indicator are significantly above the signal line, and the histogram of the AO oscillator is trading above the transition level, forming ascending bars.       

Support levels: 49.70, 46.80. | Resistance levels: 52.00, 55.00.