Overnight, The Wall Street Journal got Q2 2010 at Whitehouse Station just exactly pitch-perfect -- do go read it all:
. . . .Weighing on the DJIA, Merck fell 60 cents, or 1.7%, to 34.46 after the drug company said its second-quarter earnings dropped 52%. Sales of key drugs weren't as strong as in recent quarters, and its revenue missed expectations. Merck also narrowed its 2010 earnings forecast while trimming the top end of its sales view. . . .
Only a few potential "upside" Merck catalysts, near term, I'm afraid -- and the arbitration looms very large -- over $4 billion worth of high margin revenue on an annual basis, either way -- up or down. Wow.