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Biotech / Medical : wla(warner lambert)

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To: Quonnie who wrote (354)	10/7/1998 2:31:00 PM
From: Anthony Wong	Read Replies (1) of 942

Quonnie, all the big pharmas are correcting, doesn't look like the group has bottomed. PFE got a few buy and strong buys today but is struggling to hold on to their gains. Unless you have a long term horizon, I'll wait for the dust to settle (or a reversal) before buying. I've bought WLA at $39 pre-split (sold already), so for people who've bought at that level or lower, today's price still gives them a nice profit. WLA's 200 DMA is at $61.78. Short term may be a bounce, but looking to test $61. LLY also looking to break support at $72. There's going to be many bargains later on (next week perhaps before earnings hit). WLA's earnings should be good due to Lipitor, which gives them over 20% (don't recall the exact figure) of their revenues. I'm monitoring a few big pharmas to bargain hunt in the next 2 weeks. Regards. Anthony

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