Afternoon Market Update (CELG, BP, CAM, PFE)

Celgene Corp CELG was the top loser in drug stocks, dropping about 9.24%. Celgene reported unsatisfactory long-term survival data for its oncology drug called Revlimid. The NYSE Arca Pharmaceutical Index (DRG) lost about 0.5%. The NYSE Arca Biotechnology Index (BTK) fell about 0.9%. The NYSE Arca Oil Index (XOI) gained 0.29%, with BP PLC BP as the top gainer. The NYSE Arca Natural Gas Index (XNG) rose about 0.51%. The Philadelphia Oil Service Sector Index (OSX) lost about 0.62%, with Cameron International Corp CAM being the biggest loser, falling about 2.16%. Pfizer Inc PFE declared a sudden departure of Jeffrey Kindler, Chairman and CEO. Kindler said, “The combination of meeting the requirements of our many stakeholders around the world and the 24/7 nature of my responsibilities, has made this period extremely demanding on me personally.” He decided to retire after a service of four and a half years. Read more from Benzinga's Markets.