Pfizer (PFE) Shares Rise on Starboard Value's $1 Billion Investment

Pfizer's (PFE, Financial) stock saw an uptick after reports emerged that activist investor Starboard Value has invested $1 billion in the pharmaceutical giant. This development was positively received not only by equity investors but also by bondholders, as evidenced by a narrowing spread on the company’s outstanding bonds.Starboard is reportedly consulting with two former Pfizer executives to devise a strategy aimed at returning the company to profitability. During the pandemic, Pfizer enjoyed significant ...