Market Currents

• Friday, October 23, 2009

• 08:55 AM The European Commission clears Merck's (MRK +0.8%) bid to buy Schering-Plough (SGP +1.2%) in a deal worth more than $41B. "The proposed transaction would not significantly impede effective competition in the European economic area or any substantial part of it," the EC said. Comment!

• Thursday, October 22, 2009

• 06:35 AM Schering-Plough (SGP): Q3 EPS of $0.40 in-line. Revenue of $4.5B (-1.7%) in-line. (PR) Comment!
• 00:05 AM Notable pre-market earnings: AUO, BDK, BG, BMY, CBE, CELG, CHKP, CIT, CNX, DAL, DHR, DO, DOW, EMC, ERIC, ESV, ETR, FITB, GR, HBAN, HOT, HSY, JBLU, JNS, KMB, LCC, LH, LM, MCD, MJN, MMM, MRK, NCR, NIHD, NUE, NVS, NYT, ORI, OXY, PDS, PLD, PM, PNC, POT, R, RAI, RGC, RS, RTN, RX, SGP, STI, SY, T, TASR, TIN, TMO, TRA, TRV, UNP, UPS, XRX, ZMH Comment!

• Friday, August 7, 2009

• 14:25 PM After earlier overwhelming approval by Merck (MRK +3.3%) shareholders, Schering-Plough's (SGP +2.7%) shareholders approve its acquisition by Merck by a similar 99%-plus margin. Next is regulatory clearance, likely aided by Merck's selling its stake in a joint venture to Sanofi-Aventis (SNY). Comment!
• 09:25 AM Nearly unanimous Merck (MRK) shareholders approve the company's $41.1B acquisition of Schering-Plough (SGP), a move that would allow Merck to jump from eighth in prescription drug sales to second, behind Pfizer (PFE). The deal won 99% approval from voters; SGP shareholders vote later this afternoon. 1 Comment

• Thursday, July 30, 2009

• 07:32 AM As expected, Sanofi-Aventis (SNY) agrees to buy Merck's (MRK) half of their Merial animal-health JV for $4B in cash. The deal should help Merck allay antitrust concerns over its proposed purchase of Schering-Plough (SGP). Comment!

• Wednesday, July 29, 2009

• 15:33 PM Merck (MRK -0.8%) gets closer to allaying antritrust concerns over its proposed purchase of Schering-Plough (SGP +0.7%), as WSJ reports that Merck is close to selling its half of joint venture Merial to Sanofi-Aventis (SNY). Merial makes medication for animals, and the Journal says Merck's stake is valued from $3B-5B. Comment!

• Tuesday, July 21, 2009

• 06:51 AM Schering-Plough (SGP): Q2 EPS of $0.46 beats by $0.01. Revenue of $4.6B (-5.6%) in-line. (PR) Comment!
• 00:05 AM Notable earnings before Tuesday's open: AKS, ALV, AMTD, BJS, BTU, CAL, CAT, CMA, DD, DGX, ELN, FCX, FRX, HCBK, JEF, KO, LMT, LUV, LXK, MRK, PCP, RF, SGP, SHW, STT, UAUA, UNH, UTX, WU Comment!

• Monday, June 22, 2009

• 09:11 AM FTC wants more data from Merck (MRK) and Schering-Plough (SGP) before approving their merger. The companies say they'll comply with the request, and still expect the deal to close in Q4. MRK -0.4% premarket. SGP -0.7% Comment!

• Thursday, May 21, 2009

• 09:12 AM Johnson & Johnson (JNJ) wants an arbitrator to recind Schering-Plough's (SGP) lucrative marketing rights for arthritis treatment Remicade because SGP is being taken over by Merck (MRK). JNJ -0.6% premarket. SGP -0.7%. Comment!

• Thursday, April 30, 2009

• 12:37 PM SEC is investigating trading of Schering-Plough (SGP) shares before the Merck (MRK) deal announcement. (WSJ) Comment!

• Tuesday, April 21, 2009

• 07:21 AM Schering-Plough (SGP): Q1 EPS of $0.56 beats by $0.09. Revenue of $4.4B (-5.7%) vs. $4.6B. (PR) Comment!
• 00:05 AM Notable earnings before Tuesday's open: AKS, ALV, AMTD, BJS, BK, CAT, CMA, COH, DAL, DD, DGX, EAT, FRX, HBAN, JCI, JEF, KCI, KEY, KO, LMT, LXK, MAN, MICC, MRK, MTB, NTRS, NYT, RF, SGP, STT, TRA, UAUA, UNH, USB, USG, UTX, WBS, WU Comment!

• Monday, March 9, 2009

• 14:49 PM A peek at last week's action in Schering-Plough (SGP) options suggests not everyone was taken by surprise by Merck's (MRK) $32.6B offer. If the SEC wants to prove its worth, "perhaps it might take a look at latest instance of a pre-merger stock runup." (Deal Journal) 1 Comment
• 09:00 AM Premarket gainers: GERN +29%. SAY +16%. SGP +12%. F +4%. SNE +4%. Comment!