Midday movers: Merck, Intel
Stocks are mixed as the Dow and S&P 500 have gained, but the tech-heavy Nasdaq is lagging.
A 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.
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.
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