Merck Skids in Late Action on Abandonment of Depression Trial
Merck
(MRK) - Get Report
fell to 139 in late composite trading after finishing the New York session at 144 1/4. As reported
earlier, the drug giant announced shortly before the closing bell that it would not begin Phase III studies of its MK-869 drug to treat depression.
In other postclose news (earnings estimates from
First Call
; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
DQE
(DQE)
posted fourth-quarter earnings of 62 cents a share, in line with the five-analyst outlook but below the year-ago 75 cents.
ESC Medical Systems
(ESCMF)
said it expects to post a first-quarter restructuring charge of $13 million to $17 million and that it rescheduled its fourth-quarter earnings report for Feb. 8 to complete an audit and include details of the restructuring. The company planned to report Jan. 26. The six-analyst forecast calls for 19 cents a share. The stock fell to 6 1/2 from 6 7/8 in after-hours trading.
Lone Star Technologies
(LSS)
reported a fourth-quarter loss of 63 cents a share, 1 cent wider than the four-analyst view and below the year-ago profit of 49 cents.
Saying warm weather cut earnings by at least 50 cents a share,
South Jersey Industries
(SJI) - Get Report
recorded fourth-quarter earnings of 55 cents a share, below the single-analyst estimate of 76 cents and the year-ago 73 cents.
Mergers, acquisitions and joint ventures
BF Goodrich
(GR)
and
Coltec Industries
(COT) - Get Report
said the
Federal Trade Commission
requested additional information on the companies' planned $2 billion merger.
Penn National Gaming
(PENN) - Get Report
said it is the target of an unsolicited tender offer by privately held
IG Holdings
for up to 2% of the company's shares at $5 each.
Miscellany
Network Equipment
(NWK)
said its president and CEO, Joseph J. Francesconi, resigned but will serve until March 31 or until a successor is named.
Vencor
(VC) - Get Report
Chairman and Chief Executive W. Bruce Lunsford resigned. The company replaced him with Edward L. Kuntz, president and COO.
