Merck (MRK) NewsBite - MRK Completes SGP Buyout
Posted: Wednesday, November 04, 2009 10:08 AM EDT
By: Market Intelligence Center Staff
Merck (NYSE: MRK) opened at $31.33. So far today, the stock has hit a low of $31.25 and a high of $31.65. MRK is now trading at $31.42, up $0.74 (2.41%). Over the last 52 weeks the stock has ranged from a low of $20.05 to a high of $34.18. MRK completed its planned merger with Schering Plough overnight, and is now the world's second-largest drugmaker in terms of revenue. The company said upon completion of the merger that it expects the merger to generate $3.5 billion in annual cost savings beyond 2011. MRK also predicted compound annual earnings growth in the high-single digits percentage-wise through 2013. Technical indicators for the stock are neutral and S&P gives MRK a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on MRK the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 28 range. [ABR-Seven Summits Strategic Investments NewsBite]
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