Profunds index and sector trading

[was Steve]

Before the Bell- Merck falls 14.6 percent, Pfizer up 5.2
Thu Sep 30, 2004 08:46 AM ET
(Adds Merck and Pfizer)

NEW YORK, Sept 30 (Reuters) - Shares of Merck & Co. Inc. (MRK.N: Quote, Profile, Research) fell 14.6 percent before the bell on Thursday after the company said it was withdrawing its arthritis drug Vioxx globally because a colon cancer trial confirmed long-standing concerns the drug raises the risk of heart attack and stroke.

On the INET electronic brokerage network, shares fell $6.57 to $38.50. The stock closed Wednesday at $45.07 on the New York Stock Exchange.

Shares of Pfizer Inc. (PFE.N: Quote, Profile, Research) , which sells arthritis drugs that compete with Merck's Vioxx, rose 5.2 percent in pre-market trading.

The stock was up $1.57 to $31.75 on INET. It closed at $30.18 on the NYSE on Wednesday.

PepsiCo Inc. (PEP.N: Quote, Profile, Research) rose nearly 2 percent. The company said quarterly profit rose due to tax benefits and a strong performance from its key Frito-Lay snack and North American beverage businesses.

On INET, shares of the world's No. 2 soft drink company were up 90 cents at $49, after closing Wednesday at $48.10 on the NYSE.