No Merck Bounce

摘要

What moves the market these days? Apparently not a pickup in M&A. On Mar. 9 pharmaceutical giant Merck announced the $41 billion takeover of Schering-Plough. And while news of a big deal often spurs a rally, Merck's bid failed to improve the market's mood, and the S&P 500 slipped 1%.MF Global Research's Nick Kalivas says that shows how preoccupied investors are with the health of the financial system. As if to buttress his point, the S&P 500 rose 6.4% on Mar. 10 on news that Citigroup had an operating profit in January and February, its first since 2007.