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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

MERCK AND CO : Wall Street buoyed by home sales, Merck

02/03/2009 | 11:33am EDT
Trader Frank Cannarozzo phones in trades on the floor of the New York Stock Exchange

NEW YORK (Reuters) - Stocks rose on Tuesday as a surprise rise in December pending home sales tempered worries about the economy, while unexpectedly strong earnings posted by drugmaker Merck relieved a gloomy quarterly results season.

The Dow Jones home construction index <.DJUSHB> climbed more than 7 percent. Shares of luxury home builder Toll Brothers <TOL.N> gained 5.7 percent to $17.95, while shares of D.R. Horton <DHI.N> surged 19.6 percent to $7.31 after the home builder posted a smaller-than-expected quarterly loss.

News that the Federal Reserve had extended measures to provide liquidity in the commercial paper market also helped.

For more on the Fed and on pending home sales see [ID:nSP268328].

"The pending home sales number wasn't a disaster. At the same time, the Fed extended several of their programs for commercial paper," said Marc Pado, U.S. market strategist at Cantor Fitzgerald & Co in Sand Francisco.

"Both these are little positives. But it's going to be tough to get anything really going before we get to that jobs report on Friday. It's looming like a dark cloud."

The U.S. payrolls report for January is due for release on Friday morning.

Merck & Co <MRK.N> was among the Dow's biggest boosts, up 4.5 percent at $29.70 after its results beat Wall Street's expectations.

The Dow Jones industrial average <.DJI> rose 63.63 points, or 0.80 percent, to 8,000.46. The Standard & Poor's 500 Index <.SPX> added 6.51 points, or 0.79 percent, to 831.95. The Nasdaq Composite Index <.IXIC> was up 8.83 points, or 0.59 percent, at 1,503.26.

Caution remained amid a lack of definitive measures to stabilize the banking sector. Among financials, Bank of America <BAC.N> was down 7.5 percent at $5.55.

On the downside, SanDisk Corp <SNDK.O> was among the Nasdaq's biggest percentage losers, down more than 23 percent at $8.68 after the flash memory card maker warned that revenue for the current quarter would fall short of analysts' expectations.

(Reporting by Leah Schnurr; Additional reporting by Ellis Mnyandu; Editing by James Dalgleish)

ę Reuters 2009
Stocks mentioned in the article
ChangeLast1st jan.
MERCK & CO., INC. -1.22% 75.48 Delayed Quote.-7.73%
S&P 500 -0.46% 4402.66 Delayed Quote.16.80%
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Financials (USD)
Sales 2021 46 932 M - -
Net income 2021 12 744 M - -
Net Debt 2021 12 127 M - -
P/E ratio 2021 17,1x
Yield 2021 3,42%
Capitalization 191 B 191 B -
EV / Sales 2021 4,33x
EV / Sales 2022 3,93x
Nbr of Employees 73 500
Free-Float 70,7%
Chart MERCK & CO., INC.
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Merck & Co., Inc. Technical Analysis Chart | MRK | US58933Y1055 | MarketScreener
Technical analysis trends MERCK & CO., INC.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 75,48 $
Average target price 94,45 $
Spread / Average Target 25,1%
EPS Revisions
Managers and Directors
Robert M. Davis President, Chief Executive Officer & Director
Caroline A. Litchfield Chief Financial Officer & Executive Vice President
Kenneth C. Frazier Executive Chairman
Sandy Tremps Vice President-R&D IT CIO
Dave Williams Chief Information & Digital Officer
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