Pfizer Loses Asbestos Case In Supreme Court and 2 Other Hot Stocks to Watch
Pfizer (NYSE:PFE): Current price $27.95
The United States Supreme Court will allow Pfizer to face a number of asbestos lawsuits linked with its Quigley Co. subsidiary, which is a bankrupt business that ceased most operations in 1992. On Monday, the justices turned aside Pfizer’s appeal of a ruling that opened it to certain claims related to Quigley, which manufactured asbestos-containing products for the steel industry from the 1940s to the 1970s, and which Pfizer acquired in 1968. In its defense, Pfizer contended that Quigley’s bankruptcy proceedings insulated it from suits filed under Pennsylvania state law by the law firm of Peter Angelos, which began suing Pfizer in Pennsylvania state courts in 1999, claiming that the company was legally responsible for some claims, since its logo appeared on Quigley products.
Oracle Corporation (NASDAQ:ORCL): Current price $30.12
The Oracle Health Sciences Network will help in linking up patients participating in the Registries for ALL system with healthcare providers and research organizations which are developing and testing new therapies. The aim is to enhance collaboration and to step up cohort identification for clinical trials, so as to faster produce better, safer, more targeted therapies to consumers.
Vanguard Health Systems (NYSE:VHS): Current price $20.72
The hospital operator Tenet Healthcare Corp will acquire its smaller competitor Vanguard Health Systems for approximately $1.73 billion, plus the assumption of debt, through which to expand into new geographies. Thus far in 2013, United States hospital stocks have rallied as investors expect the firms to benefit while Americans are covered by health insurance and hospitals lose less money treating the uninsured, as Obamacare kicks in. The offer of $21 per share, representing a premium of 70 percent to Vanguard’s Friday close, is the highest price for the stock since the company’s initial public offering in 2011.