Word: merck
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...months, Stansky has lightened his tech load, from 25% to 20%, replacing Intel and Lucent at the top of his portfolio with Citigroup and Time Warner [parent of TIME's publisher]. He still has Microsoft, MCI WorldCom, AOL and Cisco (along with GE, Home Depot, Wal-Mart and Merck) at the core, a strategy that's working; so far, he's still beating the S&P, with a 12% return this year...
JUST A SPOONFUL OF SUGAR The Merck Manual has long been an important physician's reference book. The 1899 manual, though, rereleased as a companion to its new centennial edition, makes one wonder what folks will think of our medical practices in 100 years. Some of the alarming advice: for alcoholism, slowly suck an orange. For an earache, pour "hot as it can be borne" water in the ear. Drink a cup of coffee to help combat insomnia, and administer electric shocks to cut short a hysteria attack. Bleeding from a jugular vein will help with acute bronchitis, and morphine...
...Standard & Poor's 500, Morgan Stanley reports that just 15 stocks (3% of the total) accounted for 52% of the index's gain last year. "The market" may be going up, but it's almost entirely on the backs of a favored few: GE, IBM, Wal-Mart, Merck--all Dow components--along with tech wonders Microsoft, Dell (which I own) and Cisco...
...whammy. At the pharmacy counter, brutal price competition for drugs such as captopril, a hypertension remedy, and naproxen, an antiarthritis drug, has hurt margins. At the factory, the company is facing an escalating legal and regulatory campaign waged by brand-name pharmaceutical companies such as American Home Products and Merck to extend patents on their drugs or prevent others from manufacturing them. "Generics are caught in a squeeze, which is why only half the 24 publicly traded companies in the industry are profitable," says Jerry Treppel, an analyst at Warburg Dillon Read. Mylan is in the potent half, having earned...
...seemed. "We banged our heads against the wall for 10 years," says Dr. Alan Oliff, head of cancer research at Merck. "We were on the verge of abandoning the project." Then Oliff's team realized something critical: the ras protein can't do its job until it has been activated by another enzyme called a farnesyl transferase. Maybe that would make a better target? Early word is that it does, but Merck won't publish the findings from its first human trials until sometime next year...