Merrill retains Elan at sell

Elan Corp. was maintained at a sell rating by Merrill Lynch analyst Erica Whittaker. Elan's full-year 2005 results came in ahead of Merrill's forecasts. However, the company's outlook for operating expenditure is higher than expected. Merrill increased its forecasted net loss for 2006 to $367 million from $327 million. Shares of the Dublin, Ireland, biopharmaceutical company were down 1 cent, or 0.06%, at $15.90 on volume of 12,826,400 shares versus the three-month running average of 9,641,890 shares. (NYSE: ELN)

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