Shares of health-care companies slid after a report that an consortium of U.S. employers would form a company focused on cutting health-care costs for employees.
Amazon.com, Warren Buffett's Berkshire Hathaway and JPMorgan Chase, assigned senior executives to the health-care initiative.
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"The ballooning costs of health care act as a hungry tapeworm on the American economy," Mr. Buffett said.
Health-care investors took the venture seriously. Shares of drug-store chain CVS Health and its merger partner, health insurer Aetna, were among the big losers.
Pfizer reported for a fourth-quarter profit of $12.27 billion, or $2.02 a share, up from $775 million, or 13 cents a share, a year earlier, helped by a $10.7 billion gain on the revaluation of deferred tax assets following the recent tax overhaul legislation.
Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 30, 2018 16:45 ET (21:45 GMT)