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Biotech / Medical : Merck -- Ignore unavailable to you. Want to Upgrade?

To: Henry Niman who wrote (971)	7/26/1998 9:46:00 AM
From: John Carragher	Read Replies (1) \| Respond to of 1580

A couple of notes lifted from today's washington post Consider what happened to two widely held stocks: Merck & Co. and International Business Machines Corp. The drugmaker missed the earnings target of analysts by one penny and its stock was hammered, giving up more than 6 percent of its value in one day and continuing to slump the next. In a conference call with analysts, also part of the ritual, Merck management warned that the second half would come in at the low end of analysts' estimates. Merck spokesman John Doorley said the company offers analysts a preview of its expectations once a year, in December for the following year, and does not give quarterly guidance. In the most recent conference call, he said, the company simply indicated that it was more comfortable with full-year estimates that were at the low end of the range. "We're very conservative in our policies," Doorley said, but added: "If our price is overvalued, we have an obligation to correct that."