The S&P 500 had a great year, with stocks closing 2023 up by about 25%. But executives of one prominent company will not be cracking champagne on New Year’s Eve in celebration of its stock price.
Pfizer was down 44% when markets opened on Friday. The pharmaceutical giant began 2023 with its stock at $51, only to see shares plummet to $26 in mid-December, a ten-year low. Though shares have nudged up slightly since then, its market cap stands at $162 billion, less than half of what it was just two years ago. When markets closed on Friday, it became official: Pfizer’s stock had its worst year of the 21st century, a distinction the company achieved even as the S&P saw massive gains and rival pharmaceutical company Eli Lilly saw the price of its shares explode by nearly 60%.
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Ritholtz Wealth CEO Josh Brown recently observed…
