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Merck (MRK) Stock Gaining, Cutting Research Jobs

NEW YORK (TheStreet) -- Shares of Merck (MRK) are trading up 0.59% to $59.69 today after the company announced it would be cutting around 10% of its research and development jobs in three east-coast locations: Kenilworth, NJ, Rahway, NJ and North Wales, PA, the Wall Street Journal reports.

This move follows previous rounds of R&D layoffs for the Kenilworth, NJ-based drug company.

A spokesperson for Merck said that the company is hoping to gain "earlier access to emerging external science and technology to augment our leading discovery and development capabilities."

Merck is...