Merck reported earnings that beat analysts' expectations, but global sales dropped amid patent expirations and a drop in sales of its hep C drugs.» Read More
Stocks recovered from earlier losses to close near the unchanged mark as investors took positions ahead of tomorrow's Fed meeting. "Investors are basically still cautious despite this big run and although we're very overbought, I think the fact that we could get this overbought is bullish in itself," said Bruce Bittles, chief investment strategist at Robert W. Baird.
Onyx Pharmaceuticals is up big for the second day in a row. The stock nearly doubled yesterday on astronomical volume of 56,000,000 shares and today as I write this it's up almost 8% with more than 18,000,000 shares changing hands. So, what's up besides the stock?
Stocks closed lower on Monday afternoon as investors took profits in financials, technology and energy, sectors that had been market leaders. The S&P 500, the Nasdaq, and the Dow Jones Industrial Average all closed just above their lows for the day.
Shares of Onyx Pharmaceuticals soared Monday after it and its partner Bayer reported positive results from the final trial of a treatment for advanced liver cancer, paving the way for approval of the drug.
The Eli Lilly-Icos joint venture reported that worldwide sales of their erectile dysfunction drug came to $971 million last year -- and is now on the cusp of becoming a billion-dollar blockbuster drug in 2007. We will find out how Viagra is doing when Pfizer reports earnings before the bell on Monday morning, but sales growth is expected to have picked up. These results represent a significant turnaround in a drug segment that some thought had already had its day.
If you’ve been extremely bored and somehow stumbled across my bio on the cnbc.com site, you’ll note that I have an extensive background in radio. Radio, as many have noted, has no pictures and is beautiful in its simplicity. TV, on the other hand, is nothing without pictures.
Stocks closed sharply higher on a big day for corporate mergers, but investors may turn their attention back to the economy on Tuesday.
Shares of Onyx Pharmaceuticals fell nearly 30% on Monday after data showed that its kidney cancer drug Nexavar did not work in patients with advanced skin cancer.