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Published on Friday, Jul 18, 2008
Merck to settle
Vioxx lawsuits
Merck & Co. will start issuing checks for former users of its withdrawn painkiller Vioxx next month after announcing Thursday that it will fund a $4.85 billion settlement expected to resolve roughly 50,000 lawsuits.
The decision marks the beginning of the end of the four-year legal saga, which began when cardiovascular side effects forced Merck to pull Vioxx off the market in 2004, triggering tens of thousands of lawsuits, sullying its reputation and forcing out its chief executive.
Energy prices fall;
stocks extend rally
Wall Street shot higher Thursday, extending its rally into a second session as tumbling energy prices bolstered an already upbeat mood that followed stronger-than-expected quarterly reports from big names like JPMorgan Chase and United Technologies. The Dow Jones industrial average rose 207.38 points, bringing its two-day advance to more than 480 points.
Investors got a double dose of good news after weeks of angst about the economy. Oil fell $5.31 to settle at $129.29 a barrel; it has dropped more than $15 in the past three sessions.
And early Thursday, three components of the Dow industrials — JPMorgan Chase & Co., United Technologies Corp. and Coca-Cola Co. — issued comments that generally indicated that their businesses are holding up despite sometimes difficult economic conditions.
Sherwin-Williams
profit down 15%
A weak housing market and higher material costs dragged Sherwin-Williams Co.'s second-quarter profit down 15 percent, the paint maker said. The company said it would raise prices for the third time this year.
Cleveland-based Sherwin-Williams also forecast that the still-souring housing sector would hamper its third-quarter results. But revenue and net income still managed to beat Wall Street forecasts.
The company earned a better-than-expected $171.7 million, or $1.45 per share, in the period ending June 30. That's down from a profit of $202.6 million, or $1.52 per share, in the same quarter last year. Revenue grew 1 percent to $2.23 billion, from $2.2 billion last year.
Cement producer,
Timken reach deal
Timken Co. of Canton announced a deal to supply bearings for vertical rolling mills operated by India's second-largest cement producer. Terms were not disclosed.
Merck to settle
Vioxx lawsuits
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