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A new breast cancer treatment gets on the fast track to approval. Here's the Wednesday Bloomberg After The Bell Report from the New York Stock Exchange.
A big day for drug maker Pfizer, its stock reaching an eight-year high during trading. Palbociclib, a breast cancer drug made by the company, won the FDA's breakthrough therapy label, a designation that expedites development. The drug is currently in clinical trials and could potentially bring in sales of as much as $5 billion.
The U.S. Postal Service board says the post office cannot suspend Saturday mail delivery starting in August as planned. The board says it does support the cost-cutting move, but that it must be authorized by Congress first.
Stocks finished higher on speculation over stronger than estimated corporate earnings.
Disney is looking to cut costs, leading to job losses in its studio operations. A source tells Bloomberg 150 jobs have been cut from the division as part of a cost review. This is in addition to layoffs earlier this year in Disney's interactive businesses.