http://www.fool.com/investing/general/2014/06/20/why-caterpillar-and-merck-are-climbing-today.aspx This article says yes.
The book "The Intelligent Investor" says that when a stock p/e ratio goes over 25, the floor can drop out at any moment. Merck is 38. Their stock run up was pure speculation. They have zero top line growth. It will correct. It wont do anything until top line grows. Don't hold your breath for growth though because the company management keeps selling the company off in pieces.
Is outer space pretty big? Merck's stock price is one of the greatest Wall Street scams in investing history. The analysts are shallow-minded people and there are tons of fools who believe in nothing but the bottom line and dividend yields. Our management has been catering to that crowd to pad the Merck incentive compensation payout. While managing our company into oblivion and ruining countless lives, they remain focused on nothing except getting rich. FU MERCK