Thursday Market Movers

Merck announced on Wednesday that it is stopping the late stage clinical trial for its osteoporosis drug odanacatib because there was clear evidence that the drug worked. It ended the trial based on positive results from an independent monitoring committee. The company will continue to test the drug and states that it plans to file for marketing approval in the first half of 2013. Peter S. Kim, Ph.D., Executive Vice President and President at Merck, stated, “We are encouraged by the Data Monitoring Committee's recommendation to close the trial early, and look forward to reviewing the data with the scientific community to bring forward this innovation." Merck traded up about 4% on Thursday.

On Wednesday Jewett-Cameron Trading, a company that engages in distribution and sales of wood and metal products, reported third quarter earnings. Sales increased to $16.11 million, compared to $12.91 million in the same quarter last year. The company reported $0.59 per share in the third quarter, in contrast to $0.30 in the comparable period last year. Don Boone, CEO of Jewett-Cameron Trading, stated, "Our continued focus of being a reliable and valuable supplier of quality products to our customers is reflected in our higher sales for both the quarter and nine month periods. We have also successfully test marketed several new products, some of which have begun shipping to customers. However, high material and transportation costs continue to limit our margins." Shares of Jewett-Cameron Trading were up about 30.54% on Thursday.

On Wednesday, Fastenal reported its second quarter earnings for the fiscal year 2012. Fastenal is a retailer of industrial and construction supplies in the US and internationally. The company's net income increased by 19% as it opened new stores, but revenues missed analyst estimates. The analyst expected earnings of $0.37 per share, and Fastenal earned $0.38 per share. These figures reflect a 2-for-1 stock split that occurred in May. Revenues rose 15% to $804.9 million, but analyst estimates were $807.7 million. Shares of Fastenal traded up about 5% on Thursday.