Following a run of daily losses, which had pessimistic pundits speculating about an oncoming equity market correction, the leading averages set out to stifle such thoughts, with an initial buying burst yesterday that put green arrows on most groups. However, that early euphoria did not last long and within a half hour, the indexes were wilting, which is not unusual after a multi-session slide.
Merck a New Jersey-based drugmaker and Dow-30 component, has reported second-quarter adjusted earnings of $0.86 a share, versus $0.85 in the comparable period of 2014. The bottom-line tally came in ahead of our $0.80 estimate thanks to better-than-expected sales growth in diabetes and cancer drugs, partially offset by a negative impact from the stronger dollar.
Strong gains in the PREVNAR vaccine franchise and better sales of the new breast cancer drug IBRANCE helped Pfizer’s (PFE) second-quarter results to top expectations.