Pfizer, Inc. (PFE) is the world's largest pharmaceutical company in terms of sales. In 2007, Pfizer posted sales from continuing operations of $48.4 billion, which was flat from 2006.Although we believe Pfizer continues to face an uphill battle in growing its top-line given the company's sheer size and lack of a significant pipeline, near-term earnings growth will come in the form of cost-cutting and share repurchases. We are also concerned with the lack a catalyst to increase revenues once Lipitor loses patent exclusivity in 2011.However, Pfizer should to look to do a number of significant deals in the pharma and biotech industry in 2009. The company has an enormous cash balance, and should be able to buy its way around the Lipitor patent cliff.Our recommendation is Buy based on attractive valuation, high dividend, and strong financial position. We see $22 as fair-value....

Here is a great investment for you -- one where the price has zoomed to unheard-of levels in recent months, yet for which the natural heavy buyers have all the reason in the world, both from a desire and an ability-to-buy point of view, to stop buying. Furthermore, it is known that the supply of this investment will expand next year at a rate that has rarely been matched in history. As an added kicker, you know with certainty that cash flows from this investment will never go up. Sound good? So what is this fabulous gem of an investment? Why, good old-fashioned treasury securites. Lock your money up for 10 years and get the princely return of 2.72% -- heck if you are willing to lock in for 30 years you can get 3.15% today. Those rates are down from 3.78% just last month on the 10-year ...

As the economy deteriorates, one of the first casualties will be corporate profits.  Earnings estimates have been falling very fast for 2009.  Recently estimate cuts for 2009 have been running at about 8x the number of estimate increases.  P/E-based valuations become tricky in such an environment -- you are shooting at a moving target.  One way around this is to focus on the low (or most pessimistic) estimate, rather than on the mean estimate.  Assume that everyone else will move to where the biggest pessimist is now. This is not to say that the most pessimistic analyst today can't be too optimistic, but at least he will be closer than most. On this basis, there are some very compelling values out there. 

Below we present a list of the cheapest S&P 500 companies based on 2009 low estimates.  Since I simply do not trust the numbers, I have excluded from

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Hedge Fund ActivismCorporations & Activist Hedge FundsThe Conference Board Working Group on Hedge Fund Activism has released its final recommendations for those corporations and institutional investors that may find themselves involved in an activism campaign mounted by hedge funds.The recommendations were formulated by a heterogeneous group of high-level corporate and investor representatives, instituted under the auspices of The Conference Board Governance Center. They include guidelines on monitoring securities holdings, responding to requests for change, ensuring voting integrity, and overseeing hedge fund management. Working Group members include:• Major pension funds and asset management firms, including TIAA-CREF, Florida State Board of Administration, and Barclays;• Corporations at the forefront of corporate governance developments, including Pfizer, American Express, and The Coca-Cola Company; and• Industry associations and service providers such as Managed Funds Association, the National Investor Relations Institute, ISS-RiskMetrics Group, Standard ...

Investors turn to the large drug company stocks for several reasons. They are considered recession proof, they are a play on the ageing of the baby boomers, and they are often considered safer and less volatile than most other stocks. Since dividends are so vital to many investors they days, the high yielding big pharmas are of interest. All of the following have yields over 2.5%, PE's below 20, and PEGs below 3.Pfizer Inc. (PFE) Its drugs include Lipitor, Norvasc Caduet, Chantix/Champix, Lyrica, Geodon/Zeldox, Aricept, Zoloft, Celebrex, Vfend, Zyvox, Viagra, Detrol, and Zyrtec, and for animals; Clavamox/Synulox, RespiSureOne/StellamuneOne, Bovi-Shield Gold, Dectomax, and Draxxin. The stock yields 7.5% It has a PE of 12.7 and a PEG of 2.12 .Bristol Myers Squibb Co. (BMY) Its drugs include PLAVIX, AVAPRO/AVALIDE, PRAVACHOL, COUMADIN, REYATAZ, SUSTIVA, BARACLUDE, ERBITUX, TAXOL, SPRYCEL, IXEMPRA, ABILIFY, ORENCIA, and EFFERALGAN. The ...

In this feature, we turn our attention to General Motors (GM), Johnson & Johnson (JNJ), Wal-Mart (WMT), Chevron (CVX) and Home Depot (HD).

One of the hallmarks of this bear market has been how indiscriminate it has been.  Companies that are likely to be absolutely devastated by the economic slowdown are getting whacked almost as much as those that should do just fine.  To illustrate this, one needs go no further than the Dow 30.

Below we present the 30 blue chips sorted by how much they have declined over the last year.  All but one of them is down.  Yes, two of the firms that are likely to suffer the most are at the top of the list, General Motors (GM) and Citigroup (C).  However, the relative positions of many of the others simply

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Oil’s Big Rebound; More Deposit Insurance; Home Prices Continue to Collapse; Sovereign Soars on Management Change; Taking Midway Private; Pfizer’s R&D Refocus

Immtech Pharmaceuticals (IMM) is an early stage biotechnology working on cures and treatments for infectious diseases such as African Sleeping Sickness and Pneumocystis pneumonia (PCP). While these diseases are rare in the developed world, they infect millions, if not billions, of people in the third world, meaning the market for Immtechs products could be nearly limitless at some point. The company is also working on a cure for malaria and sports a strong library of compounds aimed at treating bacterial and fungal infections, along with Hepatitis C.

Last month, Immtech reported a surge in fiscal first quarter sales along with a significantly narrower per share loss. For the three months ended June 30, 2008, revenues were $1,141,000, as compared to $826,000 for the three months ended June 30, 2007. The increase was primarily attributable to revenues from a research and testing agreement. Immtech’s net loss for the period was $1,383,000, or

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