Midday movers: Merck, Intel

Stocks are mixed as the Dow and S&P 500 have gained, but the tech-heavy Nasdaq is lagging.

By MSN Money Partner Jun 3, 2013 3:38PM

Wall Street sign copyright Corbis, SuperStockA number of pharmaceutical stocks reacted to presentations made at the American Society of Clinical Oncology meeting, most notably Dow component Merck (MRK), which led all blue-chips with a 5% advance after saying data on its lambrolizumab warrant an expansion of the clinical development program for the cancer drug.


A smaller pharmaceutical company making a major move following its presentations at the ASCO meeting was Clovis Oncology (CLVS), which surged 127% higher.


General Motors (GM) reported its May U.S. sales rose 3.1%, Chrysler (FIATY) sales in the month increased 11% and Ford (F) led the "Big 3" automakers with a 14% gain compared to the prior year. 


Among the notable gainers was Intel (INTC), which climbed 4% after Barron's published a favorable article about the company, research firm FBR Capital upgraded its rating on the stock

and Samsung (SSNLF) confirmed it would use Intel chips for its upcoming Galaxy 3 tablets. 


Also higher were shares of Bristol-Myers (BMY), which rose nearly 6% after the company's presentation of data at ASCO prompted Goldman to increase its price target on shares to $55 from $48. 


Among the noteworthy losers following their own ASCO presentations were Synta Pharmaceuticals (SNTA), which fell 34%, and Infinity Pharmaceuticals (INFI), which dropped 25%. 

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