If you're going to release bad news, do it when nobody's watching. That's what Pfizer must be thinking by releasing news that it is halting development of two promising drugs (one for HIV, one for smoker's lung and asthma) on the Friday before the 4th of July weekend. Maybe all the Wall Street traders will be busy thinking about the Hamptons and will forget about Pfizer when they get back to work on the 5th.

Anyway, Reuters is reporting that Pfizer is dropping the HIV drug capravirine based on the results of two mid-stage trials. In addition, the company is shutting down its development of Daxas (touted as a potential blockbuster) for the treatment of chronic obstructive pulmonary disease.