By Market News Video Staff, Friday, October 29, 9:22 AM ET
This morning, Merck (NYSE:MRK) announced third quarter earnings of 85 cents per share, ex-items, narrowly beating Wall Street estimates of 82 cents per share. Though, with the stock trading lower in the pre-market, it appears traders are more focused on the top line miss by the company. Revenue for the third quarter came in at $11.12 billion, just short of the consensus estimate of $11.24 billion.
Merck's news is sure to impact a number of ETFs heavily weighted towards the pharmaceutical giant. The Pharmaceutical HOLDRS ETF (AMEX:PPH) holds 18.47% of its portfolio in Merck, second only to Johnson & Johnson (NYSE:JNJ) and the Health Care Select Sector SPDR Fund (AMEX:XLV) holds 9.37% of its portfolio in Merck, the third largest holding behind Johnson & Johnson and Pfizer (NYSE:PFE). For a full list of ETFs holding shares of Merck, visit the ETFs Containing MRK page.
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