Mid-Morning Market Update: Markets Mixed; Merck Profit Beats Estimates

By Jake L'Ecuyer,

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Following the market opening Monday, the Dow traded down 0.09 percent to 15,555.79 while the NASDAQ declined 0.04 percent to 3,941.74. The S&P rose, gaining 0.04 percent to 1,760.49.

Top Headline Merck & Co (NYSE: MRK ) reported an upbeat third-quarter profit.

Merck's quarterly profit declined to $1.12 billion, or $0.38 per share, down from $1.73 billion, or $0.56 per share, in the year-earlier quarter. Its adjusted earnings fell to $0.92 per share from $0.95 per share.

Its sales dropped to $11.03 billion from $11.49 billion. However, analysts were estimating earnings of $0.87 per share on revenue of $11.1 billion. Merck now expects 2013 adjusted earnings of $3.48 to $3.52 per share, versus its earlier forecast of $3.45 to $3.55 per share.

Equities Trading UP Bristol-Myers Squibb Company (NYSE: BMY ) shot up 4.65 percent to $51.04 after the company presented efficacy and safety data from Phase IIb dose-ranging study of subcutaneous clazakizumab. Morgan Stanley upgraded the stock from Equal-Weight to Overweight and lifted the target price from $45 to $60.

Shares of Burger King Worldwide (NYSE: BKW ) got a boost, shooting up 5.49 percent to $20.84 after the company reported a rise in its third-quarter profit.

Clovis Oncology (NASDAQ: CLVS ) was also up, gaining 10.21 percent to $62.74 after the company's CO-1686 demonstrated promising clinical activity and safety in Phase I study.

Equities Trading DOWN Shares of Sohu.com (NASDAQ: SOHU ) were down 12.37 percent to $71.35 after the company reported a 20 percent drop in its quarterly profit.

Changyou.com (NASDAQ: CYOU ) shares tumbled 16.86 percent to $29.69 after the company reported Q3 unaudited financial results. Edwards Lifesciences (NYSE: EW ) was down, falling 4.76 percent to $73.39 on Q3 results.

Commodities In commodity news, to $97.54, while gold traded up 0.04 percent to $1,353.10. Silver traded down 0.24 percent Monday to $22.59, while copper fell 0.08 percent to $3.27.

Euro zone European shares today. The Spanish Ibex Index fell 1.03 percent, while Italy's FTSE MIB Index tumbled 0.66 percent. Meanwhile, the German DAX dropped 0.19 percent and the French CAC 40 fell 0.75 percent while U.K. shares declined 0.16 percent.

Economics US industrial production increased 0.6 percent in September, versus economists' expectations for a 0.4 percent growth. Capacity utilization climbed to 78.3 percent versus 77.9 percent.

The pending home sales index declined 5.60 percent in September. The Treasury is set to auction 3-month bills, 6-month bills and 2-year notes.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Economy , Futures
Referenced Stocks: BMY , CYOU , EW , MRK , SOHU

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