Merck Faces FDA Setback
During CNBC’s “Halftime Report Final Trades,” Joseph Terranova of Virtus Investment Partners discussed Merck & Co., Inc. (MRK) as his final trade. However, Merck recently faced a setback as the FDA issued a Complete Response Letter (CRL) for gefapixant’s New Drug Application. The FDA concluded that the application did not meet substantial evidence of effectiveness for treating refractory chronic cough and unexplained chronic cough in adults.
McDonald’s on the Rise
Stephanie Link of Hightower expressed optimism about the future of McDonald’s Corporation (MCD), predicting an increase in total revenues. This comes in the wake of Gerbang Alaf Restaurants Sdn Bhd (GAR), the licensee of McDonald’s in Malaysia, initiating legal action against the Boycott, Divestment and Sanctions (BDS) Malaysia movement. HSBC analyst Meredith Jensen recently initiated coverage on McDonald’s with a Buy rating and announced a price target of $317.
Pacer US Cash Cows 100 ETF in Focus
Bryn Talkington of Requisite Capital Management highlighted the Pacer US Cash Cows 100 ETF (COWZ), noting its free cash flow yield of around 9%. She described it as a “great trade for 2024.”
Price Action: Merck shares gained 1.4% to close at $114.77, while McDonald’s fell 0.9% to settle at $294.39 on Wednesday. Pacer US Cash Cows 100 ETF lost 0.5% during Wednesday’s session.
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