• Merck (NYSE:MRK) announced its plans to abandon an experimental treatment for migraines and to review Phase III clinical data on another migraine drug
• Morgan Stanley’s (NYSE:MS) CEO John Mack will be replaced before year-end by current co-president James Gorman
• Abbott Labs (NYSE:ABT) announced that it bought the 90% of Evalve that it does not already own for $410 million
• Bank of America (NYSE:BAC) cut its rating on Electronic Arts (NASDAQ:ERTS) to “neutral”
• Wells Fargo (NYSE:WFC) lowered its rating on AIG (NYSE:AIG) to “underperform” asserting the firm currently is trading “significantly” above book value
• National Semiconductor (NYSE:NSM) reported fiscal first quarter earnings of 13 cents a share, 6 cents above estimates on revenues of $314 million
