Merck Allegedly Withheld Vioxx Data
As Nils Lofgren would say, 'Can't buy a break.' Stocks stank up the place on Thursday. Why? Because it's winter and oil prices went up and that sent stocks down? Come on! Dow fell 55 to 10,755, while Naz was off 5 to 2,246. Get it together stocks! Hey watch me, Rosemary Clooney (I'm not sure why. I was just thinking "Mambo Italiano.")* I mean Andy Serwer on CNN's American Morning and In the Money. Read Loose Change to see my new favorite lemur picture! Here's what is going on:
MERCK: This in from David Stipp: The New England Journal of Medicine (NEJM) just came out with a release saying that Merck deleted data about three heart attacks among patients on Vioxx before sending in a key paper to the NEJM. This is very bad news for Merck--rarely, if ever, has the world's No. 1 medical journal starkly accused a company of withholding important data on a potentially fatal risk. The NEJM has requested that Merck submit a correction. Woe is they. Merck closed down nearly 3% to $29.68.
In a statement issued late Thursday, Merck said its paper "fairly and accurately described the results of the study as of the pre-specified cutoff date for analysis. The additional [heart attacks]…were reported after the pre-specified cut-off date and therefore were not included in the primary analysis reported in the New England Journal article. Nevertheless, these additional events were disclosed to the FDA in 2000, presented publicly at the FDA's Advisory Committee in February 2001, included in numerous press releases subsequently issued by Merck, disclosed to physicians given a copy of the article by Merck and detailed in the updated prescribing information for VIOXX. We also note that these additional events did not materially change any of the conclusions in the article."
YARD: Don't blame Toll Brothers for Wall Street's disappointing session. The company announced its best quarter ever—yes we expected that—but then said that next year's profit would be less than anticipated. But maybe not THAT much less than anticipated, because the stock rose 3.6% to $35.55….How big is the iPod? The first 14 pages of the Sharper Image catalog (excluding the inside cover) are iPod peripherals. Apple up a bit today, to $74.08. Company has a $62.4 billion market cap. Time Warner has an $82.8 billion market cap. CEO Dick Parsons was addressing the Credit Suisse First Boston media conference Thursday and according to Reuters spoke about how "We've been talking to a whole range of people about how we can make more robust technology, get a principal position in (search technology), and get more traffic." He added: "We were late to the game. We have to catch up." I guess the market wasn't too excited. TWX was off almost 2% today....WAL-MART WARS #238: "Wal-Mart Runs Local Newspaper Ads After Publishers Complain They're Ignored by Retailer" SPRINGFIELD, Mo. (AP) — Wal-Mart Stores Inc. placed full-page advertisements in 336 Midwestern newspapers after publishers nationally complained they are ignored by the world's largest retailer. The move comes at a time when the company is trying to address accusations it treats workers poorly and drives local shops out of businesses."
BAD FOOTBALL: Did you see this? From Sportsinteraction.com, one of the oldest sports books on the web: Bookies Take a Battering on NFL's "Black Sunday"....DECEMBER 7, NEW YORK — "An unprecedented run of favourites winning last weekend in the NFL has left the bookmaking industry paying out millions to its football bettors, a leading online sportsbook has revealed....Sixteen NFL games were played last Sunday and Monday, and twelve favourites won and covered the spread. The culmination was Seattle's demolition of Philadelphia on Monday Night Football. Good news for bettors, but not so good for the bookmakers who have to write the checks....'We're calling it "Black Sunday",' revealed Anthony Munnelly, vice president of Sports Interaction, the first online sports book licensed and registered in the United States. 'In my time in the industry I have never seen a Sunday like it. It's very unusual to see that many favourites cover at any one weekend, especially in this era of parity,' added Munnelly. 'I'm happy for our customers, they won their money fair and square and good luck to them. But when I'm writing my letter to Santa later this week I'm going to ask for some underdogs to start biting, before I end up standing on the street wearing a red hat and ringing a bell.'"
DON'T GIVE UP. DON'T EVER GIVE UP: Watched the Jim Valvano speech for the third time. Todd says I'm a sucker. This speech always chokes me up. "Cancer can take away all my physical ability. It cannot touch my mind; it cannot touch my heart; and it cannot touch my soul. And those three things are going to carry on forever."
Loose Change
: Oh what I would give to have a light switch in my office! Anything!!!!...Lemur!....Mike says: "NY Times reports Jet coach Herm Edwards told his friend, Colts coach Tony Dungy, not to call him "because we have bad karma over here. We don't want you to catch it over the phone." This sounds like a scene from the NBC's comedy, My Name is Earl....From Corey: "We sampled the Grizzly Flat Petite Sirah last night with steaks that Jim prepared for four of us. Ok, we did more than sample, we drank the whole bottle. Comments around the table were the following: 'Very simple, very dry,' 'makes the taste buds tingle,' 'robust.' All fancy descriptions aside—although we are just a bunch of amateurs who probably know their beer better than their wine—we liked it." Corey also sent me this: "Tuesday night I went to the best press event. Ever. Hershey hosted a night of indulgence that included LOTS of dark chocolate, chocolatinis, yummy appetizers, manicures, pedicures and massages. Ladies flocked from publications such Jane, Good Housekeeping, Newsweek, Self and of course FORTUNE. There were several points Hershey was trying to make. First of all, Hershey chocolate, even though you can buy it in a drugstore, can taste VERY premium. Second, there are health benefits from the dark chocolate flavanols (a kind of antioxidant). Third, and maybe I am reading too much into this, but, after all the hard work, journalists deserve a spa day."....Check this out: "Attached please find an invitation to our annual 'off-the-record' press reception to be hosted by Merrill Lynch executive and senior management. It will take place on the evening of January 18. Below is a list of expected Merrill Lynch attendees." WHY????....*Check out Rosemary's website here.
MERCK: This in from David Stipp: The New England Journal of Medicine (NEJM) just came out with a release saying that Merck deleted data about three heart attacks among patients on Vioxx before sending in a key paper to the NEJM. This is very bad news for Merck--rarely, if ever, has the world's No. 1 medical journal starkly accused a company of withholding important data on a potentially fatal risk. The NEJM has requested that Merck submit a correction. Woe is they. Merck closed down nearly 3% to $29.68.
In a statement issued late Thursday, Merck said its paper "fairly and accurately described the results of the study as of the pre-specified cutoff date for analysis. The additional [heart attacks]…were reported after the pre-specified cut-off date and therefore were not included in the primary analysis reported in the New England Journal article. Nevertheless, these additional events were disclosed to the FDA in 2000, presented publicly at the FDA's Advisory Committee in February 2001, included in numerous press releases subsequently issued by Merck, disclosed to physicians given a copy of the article by Merck and detailed in the updated prescribing information for VIOXX. We also note that these additional events did not materially change any of the conclusions in the article."
YARD: Don't blame Toll Brothers for Wall Street's disappointing session. The company announced its best quarter ever—yes we expected that—but then said that next year's profit would be less than anticipated. But maybe not THAT much less than anticipated, because the stock rose 3.6% to $35.55….How big is the iPod? The first 14 pages of the Sharper Image catalog (excluding the inside cover) are iPod peripherals. Apple up a bit today, to $74.08. Company has a $62.4 billion market cap. Time Warner has an $82.8 billion market cap. CEO Dick Parsons was addressing the Credit Suisse First Boston media conference Thursday and according to Reuters spoke about how "We've been talking to a whole range of people about how we can make more robust technology, get a principal position in (search technology), and get more traffic." He added: "We were late to the game. We have to catch up." I guess the market wasn't too excited. TWX was off almost 2% today....WAL-MART WARS #238: "Wal-Mart Runs Local Newspaper Ads After Publishers Complain They're Ignored by Retailer" SPRINGFIELD, Mo. (AP) — Wal-Mart Stores Inc. placed full-page advertisements in 336 Midwestern newspapers after publishers nationally complained they are ignored by the world's largest retailer. The move comes at a time when the company is trying to address accusations it treats workers poorly and drives local shops out of businesses."
BAD FOOTBALL: Did you see this? From Sportsinteraction.com, one of the oldest sports books on the web: Bookies Take a Battering on NFL's "Black Sunday"....DECEMBER 7, NEW YORK — "An unprecedented run of favourites winning last weekend in the NFL has left the bookmaking industry paying out millions to its football bettors, a leading online sportsbook has revealed....Sixteen NFL games were played last Sunday and Monday, and twelve favourites won and covered the spread. The culmination was Seattle's demolition of Philadelphia on Monday Night Football. Good news for bettors, but not so good for the bookmakers who have to write the checks....'We're calling it "Black Sunday",' revealed Anthony Munnelly, vice president of Sports Interaction, the first online sports book licensed and registered in the United States. 'In my time in the industry I have never seen a Sunday like it. It's very unusual to see that many favourites cover at any one weekend, especially in this era of parity,' added Munnelly. 'I'm happy for our customers, they won their money fair and square and good luck to them. But when I'm writing my letter to Santa later this week I'm going to ask for some underdogs to start biting, before I end up standing on the street wearing a red hat and ringing a bell.'"
DON'T GIVE UP. DON'T EVER GIVE UP: Watched the Jim Valvano speech for the third time. Todd says I'm a sucker. This speech always chokes me up. "Cancer can take away all my physical ability. It cannot touch my mind; it cannot touch my heart; and it cannot touch my soul. And those three things are going to carry on forever."
Loose Change
: Oh what I would give to have a light switch in my office! Anything!!!!...Lemur!....Mike says: "NY Times reports Jet coach Herm Edwards told his friend, Colts coach Tony Dungy, not to call him "because we have bad karma over here. We don't want you to catch it over the phone." This sounds like a scene from the NBC's comedy, My Name is Earl....From Corey: "We sampled the Grizzly Flat Petite Sirah last night with steaks that Jim prepared for four of us. Ok, we did more than sample, we drank the whole bottle. Comments around the table were the following: 'Very simple, very dry,' 'makes the taste buds tingle,' 'robust.' All fancy descriptions aside—although we are just a bunch of amateurs who probably know their beer better than their wine—we liked it." Corey also sent me this: "Tuesday night I went to the best press event. Ever. Hershey hosted a night of indulgence that included LOTS of dark chocolate, chocolatinis, yummy appetizers, manicures, pedicures and massages. Ladies flocked from publications such Jane, Good Housekeeping, Newsweek, Self and of course FORTUNE. There were several points Hershey was trying to make. First of all, Hershey chocolate, even though you can buy it in a drugstore, can taste VERY premium. Second, there are health benefits from the dark chocolate flavanols (a kind of antioxidant). Third, and maybe I am reading too much into this, but, after all the hard work, journalists deserve a spa day."....Check this out: "Attached please find an invitation to our annual 'off-the-record' press reception to be hosted by Merrill Lynch executive and senior management. It will take place on the evening of January 18. Below is a list of expected Merrill Lynch attendees." WHY????....*Check out Rosemary's website here.
posted by Chris Placitella at 6:07 AM
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