August 10, 2011 14:50 ET

General Electric to Hire 15,000, Disney Drops and Pfizer Called a Buy

ProMarketLive's PM Update Features General Electric (GE), Walt Disney Company (DIS) and Pfizer (PFE)

LAS VEGAS, NEVADA--(Marketwire - Aug. 10, 2011) -

Investment Updates: This afternoon's focus is on General Electric (GE), Walt Disney Company (DIS), Pfizer (PFE)

General Electric (GE) says it will hire in excess of 15,000 U.S. employees over the next three years. In Michigan, GE's centre for information technology will add about 1,100 on top of about 660 already hired. In the coming years, GE intends to expand its workforce to 11,000. In the past decade, its information technology workforce has increased by 30% to 9,600 worldwide.

GE was down 4.14% to $15.25 in midday trading.

Walt Disney Company (DIS) Walt Disney Co. (DIS), the world's largest theme-park company, fell the most in almost 10 years on concerns that the slowing economy and consumer confidence may hurt its businesses.

The stock dropped 11% to $30.83 as of 10:49 a.m. in New York Stock Exchange composite trading after touching $29.60 for the biggest intraday decline since Sept. 20, 2001. Among the largest media companies, including Time Warner Inc., News Corp. and Viacom Inc., Disney is the most exposed to consumer spending through its broadcast and cable-TV units, as well as its theme parks.

Pfizer (PFE) Calling Pfizer a "dislocated Buy opportunity," Goldman Sachs this morning added PFE to its Conviction List. Analyst Jami Rubin sees the stock potentially rising 32% to a $22 price target based on 9.8 times Rubin's 2012 EPS estimate.

Rubin offers several reasons for the upside, including an encouraging product pipeline for the second half of the year. Apixaban and Tofacitinib are scheduled for late-stage trials at the end of August and early November with a combined potential to hit $3-$4 billion in annual sales. Rubin also points to the pharmaceutical giant's large and growing cash balances.

PFE was down 1.4% at midday, trading to $17.42.

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