I can see how someone at the WSJ may have been confused when they reported a $3.96 dividend today from PPH. To follow is the wording from PPH's Form 8-K filed 10/20/09:
tem 8.01 Other Events
On October 15, 2009, the merger of Wyeth and Pfizer Inc. became effective. As a result, Wyeth will no longer be an underlying constituent of the Pharmaceutical HOLDRS Trust. In connection with the merger, Wyeth shareholders will receive 0.985 shares of Pfizer Inc. and $33.00 in cash for each share of Wyeth. The Bank of New York Mellon will receive 11.82 shares of Pfizer Inc. and $396.00 in cash for the 12 shares of Wyeth per 100 share round lot of Pharmaceutical HOLDRS. As a result, once the allocation has been completed by the Depository Trust Company, creations of Pharmaceutical HOLDRS will require a deposit of 69.82 shares of Pfizer Inc. per 100 share round lot of Pharmaceutical HOLDRS. Additionally, creations and/or cancellations from October 16, 2009 through October 23, 2009 inclusive will require $396.00 per 100 share round lot of Pharmaceutical HOLDRS.