On Tuesday, Pfizer (NYSE: PFE) stepped into the earnings spotlight, announcing a higher third-quarter profit compared to last year. The pharmaceutical firm earned 43 cents per share, or 51 cents per share in adjusted earnings. A year ago, PFE earned 34 cents per share before item exclusions. The Street expected PFE to report third-quarter earnings of 48 cents per share excluding items.

Quarterly revenue checked in at $11.62 billion, 3% lower than last year's third-quarter revenue. Revenue was pulled roughly 5% lower due to unfavorable foreign exchange rates.

What's one reason for not jumping back in the market at this juncture?

Well, one could certainly cite end-of-the-year tax loss selling, which typically weighs on the market. Or the battle for Dow 8,000 between institutional bulls and bears. Or the fact that the Dow's path of least resistance, from a technical standpoint, remains down. (That's a major reason why the Dow drops so quickly: all that's required is a hedge fund manager to sneeze and the Dow drops 300 points, or so it seems.)

All of the above are valid reasons to remain on the sidelines.

Is Washington planning big changes?

But perhaps the best reason to not deploy new capital is the new era itself. The United States is preparing for a new presidential administration and one gets the sense that there could be a series of seismic shifts up ahead -- shifts that will affect money, markets, investing, and business trends.

It's true that after the U.S. government's allocation, via loans, loan guarantees, or investments, of about $8.2 trillion for the financial system, it's hard to picture shifts up ahead that could be as landscape-altering as those undertaken in the past year. But that could very well be the case nevertheless.

Those hoping for small change are likely to be disappointed. On January 20, President-elect Obama becomes President Obama and he is big change. U.S. Senator and now Secretary of State-designate Hillary Clinton, D-New York, was small change, and we saw how the electorate responded to her candidacy. Voters were so adamant for economic change (and other changes) after the United States' decade of descent that they not only blamed the Republican Party, they rejected anyone with even a hint of being a part of the economic policy mistakes, including Clinton.

Readers of this space know that, for a plethora of reasons, companies in the pharmaceutical and biotech sectors are not my preferred stocks, but there are exceptions. And with the above in mind, Celgene is worth a review.

Celgene (NASDAQ: CELG) develops and markets drugs to treat cancer, immunological disorders and other diseases. The company's research concentrates on small molecule compounds that inhibit tumor necrosis factor alpha (TNFa) production or aberrant estrogen production, or that may regulate kinases and ligases (enzymes).

Analysts really like the revenue growth rate for Revlimid, which received U.S. FDA approval in 2005, and treats a malignant blood disease called MDS. In 2006, Revlimid also received FDA approval to treat myeloma. Total Revlimid revenue should exceed $1.7-$1.8 billion in 2008. Further, mainstay Thalomid, which treats bone marrow cancer, rounds-out an impressive one-two signature drug duo. Also, the near-term re-acquisition of European rights for Thalomid will expand Celgene's geographic footprint.

In the current choppy/consolidating (or perhaps worse) market, pharmaceutical companies and selected biotechs garner attention as defensive plays, and among these Celgene is worth an evaluation.

Celgene Corporation (Nasdaq: CELG) develops and markets drugs to treat cancer, immunological disorders, and other diseases. The company's research concentrates on small molecule compounds that inhibit tumor necrosis factor alpha (TNFa) production or aberrant estrogen production, or that may regulate kinases and ligases (enzymes).

Analysts really like the revenue growth rate for Revlimid, which received U.S. FDA approval in 2005, and treats a malignant blood disease called MDS. In 2006, Revlimid also received FDA approval to treat myeloma. Mainstay Thalomid, which treats bone marrow cancer, rounds-out an impressive one-two signature drug duo.

Uncertain economic times, it goes without saying, create uphill conditions for most stocks. But that does not mean one should not search for promising opportunities, and one that fits the bill, for high-risk investors, is Biomarin Pharmaceutical.

Biomarin Pharmaceutical Inc. (Nasdaq: BMRN) develops and commercializes drugs for rare and chronic diseases.

Analysts like the fact that two of its drugs qualify for FDA orphan drug status, which grants exclusive marketing rights for seven years.

Biomarin's Aldurazyme, the sole therapy for mucopolysaccharidosis I (MPS I), obtained orphan drug status in the U.S. for seven years and in Europe for 10 years. Also, the company's Naglazyme is approved in the U.S. and Europe to treat MPS VI (Maroteaux-Lamy syndrome), another rare, genetic disease. The Reuters FY 2007/FY 2008 EPS consensus estimates for BMRN are -$0.15 to $0.49.

The market's continued choppiness/consolidating pattern does not mean there aren't growth stocks out there for high-risk investors, and Onyx Pharmaceuticals is one pharmaceutical company that fits the bill.

Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) specializes in small molecule technology, a new, promising method that blocks cancer-causing mechanisms in the human body. In collaboration with Bayer Pharmaceuticals, the company develops and markets compounds that inhibit the function, or modulate the activity of the RAS signaling pathway to treat cancer and other diseases.

Analysts believe ONXX's cancer drug Nexaver as a treatment for advanced kidney cancer could be a big winner, with the company gaining FDA approval for the drug in 2005. ONXX is also testing the drug as a possible treatment for other kinds of cancer (liver, skin, and lung cancer). The Reuters F2007/F2008 EPS consensus estimates for ONXX are -$0.52 to $0.97.