Pfizer Inc.

BMO Equal Weight U.S. Health Care Hedged to CAD Index ETF, $30.38, symbol ZUH on Toronto (Units outstanding: 2.1 million; Market cap: $63.4 million; www.etfs.bmo.com), holds 48 U.S. health care stocks. The fund’s top holdings are Forest Laboratories, 3.0%; Illumina Inc., 2.6%; Actavis plc, 2.5%; Perrigo Company plc, 2.5%; Allergan, 2.4%; HCA Holding, 2.4%; Bristol-Myers Squibb, 2.4%; Thermo Fisher Scientific, 2.4%; St. Jude Medical, 2.3%; and Biogen Idec, 2.3%. The ETF is hedged against movements of the U.S. dollar against the Canadian dollar. Its value rises and falls solely with the stocks in its portfolio, so it wouldn’t give you any diversification through U.S. dollar exposure....

SPDR S&P 500 ETF $179.73 (New York symbol SPY; buy or sell through brokers; www.spdrs.com) holds the stocks in the S&P 500 Index, which consists of 500 major U.S. companies that are chosen based on their market cap, liquidity and industry group.

The index’s highest-weighted stocks are Apple, ExxonMobil, Microsoft, Procter & Gamble, Johnson & Johnson, J.P. Morgan Chase, IBM, Chevron, General Electric, Pfizer, Berkshire Hathaway, Google, AT&T and Wells Fargo. The fund’s expenses are just 0.10% of its assets.

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Exchange traded funds (ETFs) are set up to mirror the performance of a stock-market index or subindex. They hold a more or less fixed selection of securities that represent the holdings that go into the calculation of the index or sub-index.

ETFs trade on stock exchanges, just like stocks....

APPLE INC., $520.03, Nasdaq symbol AAPL, sold 33.8 million iPhones in the three months ended September 28, 2013. That’s up 25.6% from 26.9 million a year earlier. The gain is partly due to strong sales of its new premium 5S and lower-priced 5C models, which the company started selling just a few days before the end of the quarter. Strong demand in Latin America, the Middle East, Russia and India also contributed to the higher sales. As a result, Apple’s overall revenue in the quarter rose 4.2%, to $37.5 billion from $36.0 billion a year earlier. iPhones supplied 52% of the total....

ING Global Equity Dividend and Premium Opportunity Fund, $9.35, symbol IGD on New York (Shares outstanding: 97.5 million; Market cap: $911.6 million; www.ingfunds.com), is a closed-end fund that holds 130 global common stocks with a history of high dividend yields. The fund currently has 41.9% of its assets in U.S. stocks, with Japan next at 8.7%. Its top holdings are Metlife, Pfizer, Exxon Mobil, General Electric, Royal Dutch Shell, Eli Lilly & Co., Novartis AG, Freeport-McMoran Copper & Gold, Microsoft and St. Jude Medical. ING Global Equity Dividend and Premium Opportunity Fund trades at a 4.3% discount to its net asset value and yields a high 10.8%. The fund’s MER is 1.18%....

SPDR S&P 500 ETF $169.18 (New York symbol SPY; buy or sell through brokers; www.spdrs.com) holds the stocks in the S&P 500 Index, which consists of 500 major U.S. stocks that are chosen based on their market cap, liquidity and industry group.

The index’s highest-weighted stocks are Apple, ExxonMobil, Microsoft, Procter & Gamble, Johnson & Johnson, J.P. Morgan Chase, IBM, Chevron, General Electric, Pfizer, Berkshire Hathaway, Google, AT&T and Wells Fargo. The fund’s expenses are just 0.10% of its assets.

If you want exposure to the S&P 500 Index, the SPDR S&P 500 ETF is a buy.
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Exchange-traded funds (ETFs) are set up to mirror the performance of a stock-market index or subindex. They hold a more-or-less fixed selection of securities that represent the holdings that go into the calculation of the index or sub-index.

ETFs trade on stock exchanges, just like stocks....

PFIZER INC. $28 (New York symbol PFE; Income Portfolio, Manufacturing & Industry sector; Shares outstanding: 7.1 billion; Market cap: $198.8 billion; Price-to-sales ratio: 3.6; Dividend yield: 3.4%; TSINetwork Rating: Above Average; www.pfizer.com) has completed its plan to hand out shares in its 80.2%-owned animalhealth subsidiary to its own shareholders....

PFIZER INC. $28 (New York symbol PFE; Income Portfolio, Manufacturing & Industry sector; Shares outstanding: 7.1 billion; Market cap: $198.8 billion; Price-to-sales ratio: 3.6; Dividend yield: 3.4%; TSINetwork Rating: Above Average; www.pfizer.com) has completed its plan to hand out shares in its 80.2%-owned animalhealth subsidiary to its own shareholders. This business, ZOETIS INC. $31 (New York symbol ZTS, Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 500.0 million; Market cap: $15.5 billion; Price-to-sales ratio: 3.6; Dividend yield: 0.8%; TSINetwork Rating: Average; www.zoetis.com) makes drugs and vaccines for livestock and pets.

Pfizer set the exchange ratio at 0.9898 of a Zoetis share for each Pfizer share tendered. Due to much stronger-than-expected demand for Zoetis stock, Pfizer will accept less than half of the shares tendered to the offer.

Zoetis has long-term appeal. The company spends around 8% of its sales on research, which should help it profit as developing countries like China raise more livestock for food. However, the stock trades at a high 22.0 times Zoetis’s forecast 2013 earnings of $1.41 a share. Zoetis pays a quarterly dividend of $0.065 a share, for a 0.8% annualized yield.
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PFIZER INC., $29.09, New York symbol PFE, sold 19.8% of its animal-health subsidiary to the public in February 2013. This business, ZOETIS INC., $30.80, New York symbol ZTS, makes drugs and vaccines for livestock and pets. Next week, Pfizer plans to hand out its remaining 80.2% of Zoetis to its own shareholders. Investors will be able to swap all or part of their Pfizer shares for Zoetis stock. Pfizer shareholders can tender some or all of their stock for Zoetis shares. Pfizer has designed the offer so that its investors get Zoetis shares at a 7% discount. For each $100 worth of Pfizer shares tendered, holders could receive a maximum of $107.52 worth of Zoetis. Pfizer has also structured the exchange so that participating investors will not have to pay capital gains taxes until they sell their new shares....