Jury verdict against Merck brings down stock, Dow Jones
By Trevor Schubert
Published on April 06, 2006
Merck saw its largest fall in the past four months after a jury in New Jersey found the drug company failed to warn Vioxx users of the increased risk of cardiovascular complications and ordered it to pay at least $4.5 million in damages. The company faces literally thousands of Vioxx lawsuits.
"Retail sales coming in a little flatter than expected and the mixed jury verdict on Merck have cast a downward shadow on the market," said Fred Dickson, chief market strategist at D.A. Davidson & Co.
Merck's four percent fall brought the companies stock to $34.47 on the New York Stock Exchange and the Dow Jones was down 23.05 points at 11,216.50, with 23 of 30 components contributing to losses.
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