Pfizer’s troubles weigh on stocks

Pfizer Inc.’s surprise announcement of possible health risks connected with its Celebrex drug pushed stocks lower in heavy trading Friday, renewing investors’ concerns over the pharmaceutical sector. The three major indexes finished the week higher.

Wall Street drove Pfizer to a nearly seven-year low after the Dow component announced that a new study showed people taking high doses of Celebrex, the best-selling arthritis painkiller, had an increased risk of heart troubles. A similar revelation led to the removal of Merck & Co.’s competing Vioxx drug earlier this year — and led to a major selloff of Merck shares. Pfizer said it will leave Celebrex on the market.

Despite moderate losses during the session, analysts remained bullish on the overall market.

The Dow Jones industrial average fell 55.72, or 0.52 percent, to 10,649.92.

The Standard & Poor’s 500 index was down 9.01, or 0.75 percent, at 1,194.20, and the Nasdaq composite index lost 10.95, or 0.51 percent, to 2,135.20.

Friday

Ballard Power Systems Inc. (BLDP)

Shares rose 49 cents, or 7.8 percent, to $6.79. The largest maker of automotive fuel cells said Ford Motor Co. and DaimlerChrysler AG invested $44.6 million in the company, as the automakers restructure their alliance to speed development of the alternative-energy devices.

California Micro Devices (CAMD)

Shares fell 96 cents, or 12 percent, to $7.30. The maker of semiconductors said it expects fiscal third-quarter results to range from profit of 3 cents a share to a net loss of 1 cent a share. It had profit of 12 cents a share a year earlier.

Eli Lilly & Co. (LLY)

Shares dropped $1.38, or 2.4 percent, to $56.02. The drugmaker that developed the antidepressant Prozac said it added a safety warning to the label of its attention-deficit drug Strattera after two people taking the medicine suffered severe liver damage.

LeapFrog Enterprises Inc. (LF)

Shares tumbled $1.99, or 14 percent, to $12.38. The maker of LeapPad electronic learning books said in a PR Newswire statement that full-year profit and sales forecasts will ” be significantly below” its October estimates.

Nike Inc. (NKE)

Shares rose $5.80, or 6.8 percent, to $91.70. The world’s No. 1 athletic shoe maker said second-quarter net income was 97 cents a share, more than the 86 cent average estimate of 13 analysts polled by Thomson.

NorthWestern Corp. (NWEC)

Shares rose $2.27, or 8.8 percent, to $28. The utility owner and power producer was rated “buy” in new coverage by Merrill Lynch & Co. analyst Steven Fleishman.

PALMONE INC. (PLMO)

Shares fell $9.44, or 22 percent, to $33.11. The world’s biggest maker of hand-held computers forecast profit excluding some costs in the quarter ending in February will be 21 cents a share on sales of $280 million. Analysts expected profit of 34 cents and sales of $318 million, the average estimate in a Thomson Financial survey.

Sanmina-SCI Corp. (SANM)

Shares fell 43 cents, or 5.1 percent, to $8.06. The world’s No. 3 maker of electronics for other companies said it will delay the release of its earnings report for the year ended Oct. 2, as it concludes the review of accounts at one of its plants. The issue could widen the 2004 net loss by as much as 3 cents a share, it said in a statement.