NEW YORK (MarketWatch)
U.S. stocks on Friday finished with weekly losses
after earnings reports did little to offset worry about the global economy
"When you saw these solid companies reporting basically negative revenue growth,
it painted a very clear picture that the global economy is growing at a very
modest rate," said Alan Skrainka, chief investment officer at Cornerstone Wealth
Management in Des Peres, Mo., pointing to Dow components International Business
Machines Co. and
McDonald's Corp. as
among those setting the tone for third-quarter earnings
The Dow Jones
Industrial Average rose
3.53 point to 13,107.21, leaving it with a weekly loss of 1.8%
The S&P 500
index fell
1.03 point to 1,411.94, down 1.5% from the week-ago close
The Nasdaq Composite
advanced nearly 2 points to 2,987.95, down 0.6% for the week
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NEW YORK (MarketWatch)
Merck & Co. said Friday its third-quarter profit rose 2% to $1.76 billion, or 56 cents a share, from $1.72 billion, or 55 cents a share, in the year-ago quarter.
Adjusted profit at the drug maker edged up to 95 cents a share from 94 cents a share.
Sales fell 4% to $11.5 billion from $12 billion.
Excluding the unfavorable impact of foreign exchange, sales were comparable to year-ago levels, the company said.
Wall Street analysts expected Merck to earn 93 cents a share on sales of $11.56 billion, according to a survey by FactSet.
For the full year, Merck expects adjusted earnings of $3.78 to $3.82 a share, compared to the analyst estimate of $3.81 a share.
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