NOVO AND ALZA ONLY STRONG PERFORMERS AS 40 OF 53 INDEX ISSUES LOSE GROUND
Novo (up 1-7/8 to 24-7/8) and Alza (up 1-1/4 to 20-3/8) were the only strong performers among pharmaceutical/health care stocks as issues on the "F-D-C" Index retreated broadly the week ended Nov. 16. Only seven of the 53 stocks finished the week ahead, while 40 lost ground and six remained unchanged. Among the five stocks moving ahead fractionally, Payless, which reported a 22% jump in third quarter net income, to $4.6 mil., on a 9.5% volume gain, to $223.5 mil., added 3/4 to 22-3/4. SmithKline edged up 5/8 to 52-5/8. The Diversifieds suffered the largest losses, with Sterling and Revlon each losing 2-1/2, to 26-7/8 and 33-1/2, respectively. Forest slid 1-7/8 to 13. Among the Pharmaceuticals, Key fell one point to 9-3/4. Key was on the AMEX most active list on Monday, Nov. 12 and Tuesday, Nov. 13, when the stock hit a 1984 low at 9. In Value Line's quarterly rundown on the pharmaceutical industry, which came out on Nov. 16, only Bristol-Myers, Lilly, Marion, and Pfizer were given an above average rating for anticipated relative performance over the next 12 months. Chart omitted.
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