Case in point, look at the outperformance in Merck on their return of capital last week… Merck (MRK) – (Buy, $46 PT) – Accelerated $5Bn share repurchase announced…we view this positively – (Mark Schoenebaum) – At MRK's current share price, the 99.5M shares are worth essentially $5Bn. The entire 99.5M shares will be taken out of MRK's share count immediately. We don't have consensus share count post-Q1 earnings to quantify the impact of the accelerated repurchase, but we believe this is a positive sign of MRK attempting to create shareholder value. (ISI Group)