MARION, SQUIBB AND ALZA LEAD PHARMACEUTICALS AS INDEX STOCKS JOIN RALLY
Executive Summary
MARION, SQUIBB AND ALZA LEAD PHARMACEUTICALS AS INDEX STOCKS JOIN RALLY Paced by Marion (up 4-1/4 to 37), Squibb (up 4-3/8 to 61-7/8) and Syntex (up 3-1/4 to 60-3/8), Pharmaceutical stocks were the big gainers on the "F-D-C" Index for the week ended May 10, rising 2.7% overall. Also joining the rally, Bolar (up 1-7/8 to 43-5/8) continued to exhibit the investor excitement over generic companies that began last year. The Index Composite echoed the Dow Jones' 2.2% gain -- the market's first sustained advance in almost six weeks. Overall, gains outnumbered declines on the 51-issue index by almost four to one. Diversifieds as a group rose slightly more than 2%. Big movers included Forest (up 2-1/2 to 21-7/8), Revlon (up 2-1/4 to 38-3/8), American Home Products (up 2-5/8 to 61-3/4) and Pfizer (up 2 to 46-7/8). Drug chains, while not exhibiting as strong gains as pharmaceuticals and diversifieds, nevertheless posted a solid 1.6% gain, with seven of 10 stocks rising. The big loser for the week was Jack Eckerd, which dropped 3-1/2 points to 22-7/8 after the company predicted a 50% decline in net earnings for the third quarter. Chart omitted.
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