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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (19791)	10/8/2004 12:03:31 PM
From: Spekulatius	Read Replies (1) of 78625

re MRK, anybody who is interested in MRK as an investment should take a look at how the WYE "Fen Phen" litigation is working out. The liabilities for WYE are about 15B$ and still seem to be piling up 5 years after the product recall. I think it's reasonable to estimate MRK's litigation at north of 10B$ and if you add to this the lost income strea from Vioxx, the recent haricut for the stock is not that irrational any more. FWIW, I like WYE at current levels much more than MRK's P/S is about the same, WYE has already payed/reserved for good deal of it's litigation and it's pipeline is much better. MRK is not a buy at current levels, IMO.

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