General Motors Still Under Fire for Faulty Ignition Switches and Pfizer’s Palbociclib Extends Survival Time for Patients

General Motors Company (NYSE: GM) shares closed down about 2% on Monday. Senator Claire McCaskill (D-MO), chairwoman of the Senate subcommittee on consumer protection and product safety, said over the weekend on ABC's "This Week" that GM now faced "a real moment of truth" as it continues an internal investigation of the ignition switches and the automaker's response to the problem. She said that GM should make restitution to victims' families and face criminal action if merited for the way it handled defective ignition switches that caused fatal auto accidents. 

General Motors Company (GM) designs, manufactures, and markets cars, crossovers, trucks, and automobile parts worldwide. The company markets its vehicles primarily under the Buick, Cadillac, Chevrolet, GMC, Opel, Holden, and Vauxhall brand names, as well as under the Alpheon, Jiefang, Baojun, and Wuling brand names. It also sells cars and trucks to dealers for consumer retail sales, as well as to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments.

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Pfizer Inc. (NYSE: PFE) shares dropped on Monday despite the company revealing over the weekend that the company’s palbociclib, when used with letrozole, helped double the survival times in breast cancer patients, going to 20 months. The survival times when only using letrozole was 10 months. According to analysts the issue is that Pfizer has not said when it would seek approval from the U.S. FDA. Seamus Fernandez at Leerink Research said there is a “lack of clearly positive directional benefit on overall survival,” among other issues with the drug. Still, he says the drug should eventually be approved.

Pfizer Inc., a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. Its product portfolio includes medicines and vaccines, as well as various consumer healthcare products. The company’s Primary Care segment offers prescription pharmaceutical products primarily prescribed by primary-care physicians for various therapeutic and disease areas comprising Alzheimer’s disease, cardiovascular, erectile dysfunction, genitourinary, major depressive disorder, pain, respiratory, and smoking cessation.

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