Merrill reiterates Speedel at buy

Speedel Holdings was reiterated by Merrill Lynch analyst Erica Whittaker at a buy on news of the company's third-quarter results, including operating expenses that were more than 20% below the analyst's forecast and leading to a lower-than-expected loss of CHF 16.3 million. The company's cash balance at the end of September was CHF 145 million, with 2006 cash burn now expected in the range of CHF 70 million to CHF 75 million, from CHF 80 million. Merrill is forecasting CHF 82 million. Shares of the Basel, Switzerland, pharmaceutical company were up CHF 0.70, or 0.35%, at CHF 196.60. (Swiss: SPPN)

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