Friday Morning Market Summary 4/29/2011

Merck & Co MRK reported higher-than-expected first-quarter earnings, fueled by strong sales of its drugs for diabetes, asthma and rheumatoid arthritis. Merck & Co said it earned $1.04 billion, or 34 cents per share. That compared with $299 million, or 9 cents per share, a year earlier. More information about the GDP report can be found here. D.R. Horton DHI reported a surprise quarterly profit on Friday, helped by a tax benefit. Horton posted earnings of $27.8 million, or 9 cents per share, for the second quarter ended March 31, up from $11.4 million, or 4 cents per share, a year earlier. More information can be found here. Simon Property Group SPG saw first-quarter funds from operations rise on greater occupancy and sales at its malls and outlet centers. Simon posted quarterly funds from operations of $570.6 million, or $1.61 per share, compared with $325.6 million, or 94 cents per share, a year earlier. More information can be found here. Also, U.S. health insurer Coventry Health Care CVH posted better-than-expected quarterly earnings, helped by higher membership, and raised its 2011 view. For the full year, it now expects earnings of $2.65-$2.85 a share on revenue of $11.67-$12.09 billion. More information can be found here. Kohlberg Kravis Roberts & Co KKR is in talks to buy Singapore-listed abalone farmer Oceanus Group Ltd in a deal that may be worth around $500 million, three sources with direct knowledge of the matter told Reuters. Private equity firm KKR has lined up financing of $300-400 million from a group of banks, according to one of the sources. More information can be found here.