Market Wrap: Greece Gets 20% of Funds; Pfizer Wishes It Could Quit Lipitor, Does; Potential PCS/T-Mobile Hook Up?

Market wrap-up for May 9th

End of the Day: Dow Jones down 97.0 to 12,835.06; Nasdaq down 11.6 to 2,934.71; S&P 500 down 9.1 to 1,354.58

The following is a brief summary of events moving markets today:

• The opposite of winning: Not that anyone needs a reminder, but this is the six (Spanish: seis) day the Dow Jones has closed in negative territory. Markets were focused on Greece today, with fear it wouldn't receive a €5.2 billion payout from the EFSF. Fears were squelched late in the session as the EFSF agreed to €4.2 billion, holding €1 billion back until June. Reasoning stems around the recent election in Greece, which caused a changing of authority and shift on whether Greece wants austerity anymore.
  
  For more color on Greece, click here.
  
  
• Cholesterol's ugly reality: generics: Pfizer (NYSE: PFE) is letting its fight to save the Lipitor brand name fall by the wayside. After spending some $87 million in promotions for the medicine, Pfizer decided it won't renegotiate contracts on the cholesterol drug as more generics enter the market.
  
  Lipitor still commanded a 33 percent market share and brought in $383 million in the U.S. alone through the first quarter, but officials say there isn't much hope beyond May 31st.
  
  
• Investors are "switching" out of the stock: Cisco Systems (Nasdaq: CSCO) reported first-quarter sales of $11.6 billion and non-GAAP EPS of 48 cents, beating views calling for revs of $11.58 billion and EPS of 47 cents. Despite the beat, Cisco's fourth-quarter sales outlook of $11.42 billion to $11.75 billion and EPS of 44 cents to 46 cents missed views calling for revs of $11.99 billion and EPS of 49 cents.
  
  Shares are reacting accordingly.
  
  
• Introducing T-M-PCS...er..Mobile!: According to a mid-day Bloomberg report Wednesday, Deutsche Telekom may be discussing a tie-up of its T-Mobile USA segment with MetroPCS (NYSE: PCS). Shares of MetroPCS spiked about 18 percent on the news.
  
  A deal would likely be done through stock -- not cash -- and leave Deutsche Telecom as the controlling entity of the merger. A source has said the combined company would likely be publicly listed.
  
  
• Coffee and...aw! No more doughnuts!: Amid speculation, Green Mountain Coffee Roasters Inc. (Nasdaq: GMCR) CEO Robert Stiller sold out of his Krispy Kreme (NYSE: KKD) stake -- which was about 8 million common shares -- on May 7th.

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