Merrill maintains Millennium at neutral

Millennium Pharmaceuticals, Inc. was kept at neutral by Merrill Lynch analyst Tom McGahren after the company reported second-quarter earnings per share of $0.01 (excluding options expenses), 2 cents above the analyst's estimate and 3 cents better than consensus. Velcade sales of $59 million were slightly ahead of Merrill's and the consensus estimate of $57 million. Shares of the Cambridge, Mass.-based pharmaceutical company were up 23 cents, or 2.40%, at $9.82 on volume of 2,987,971 shares versus the three-month running average of 5,321,940 shares. (Nasdaq: MLNM)

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