Earnings preview: Will Pfizer beat in Q1?

Pfizer was involved in a recent buyout transaction. Management decided that it was in the company's best interest to offer $64 billion for Wyeth (NYSE: WYE). Tom Taulli reported on Pfizer's successful bond offering back in March. As he stated, Pfizer needed to bring in some cash for the deal.

It's all about the quality of the pipeline when it comes to big pharma. In fact, Steven Halpern brought us highlights of an analyst's comments about Wyeth and its potential effect on Pfizer. The expert doesn't believe that Wyeth's assets will make Pfizer fully whole.

However, it still seems to be part of the solution. And if the transaction can quickly add to the bottom line, then the hope is that the dividend, which was recently cut, might be upped again at some point (personally, I don't think shareholders should hold their collective breath on that count).

So, Pfizer is currently within a couple bucks of a 52-week low. There are those out there who believe the company's shares may represent long-term value. They probably do. But I don't have any interest in buying this name ahead of its earnings. I think there might be better plays out there.

With the dividend cut, questions about the pipeline, the Wyeth deal, etc., I just don't feel that now is the time to be adding Pfizer to a portfolio. The stock has been weak, and my gut says it could remain in a challenged state. As always, we'll see what happens.

Disclosure: I don't own any company mentioned; positions can change without notice.