PFE - Hot Stocks: PFE hits new high; RBLX drops; ROKU sets new low; Chinese stocks fall; CCMP merger deal

News that the Federal Reserve was primed to start fighting inflation sent U.S. stocks sharply higher on Wednesday. While monetary policy served as the main driver of trading, the session still featured a wide range of single-stock stories. Pfizer (NYSE:PFE) represented one of the standout performers, as the prospects for the drug maker's anti-COVID pill propelled its stock to a fresh 52-week high. Elsewhere, CMC Materials (NASDAQ:CCMP) recorded a notable gain, jumping by nearly a third after it agreed to a merger deal with rival Entegris (NASDAQ:ENTG). Despite the overall positive tenor of the session, Wednesday saw its share of sharp decliners as well. This included Roblox (NYSE:RBLX), which dropped on disappointing monthly engagement statistics. Meanwhile, a bearish analyst comment sent Roku (NASDAQ:ROKU) to a new 52-week low. A broad array of Chinese stocks were also left out of Wednesday's rally. The region experienced further selling pressure amid continued concerns

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Hot Stocks: PFE hits new high; RBLX drops; ROKU sets new low; Chinese stocks fall; CCMP merger deal