Indications - A look at pre-market trading
[Compaq was up 3/16 to 25 11/16]
Drug stocks rally in London
Ciena, Priceline gain, AOL down
By Tomi Kilgore, CBS MarketWatch
Last Update: 7:58 AM ET May 21, 1999
NewsWatch
NEW YORK (CBS.MW) -- Drug stocks were moving higher in London
early Friday on renewed speculation of a merger between pharmaceutical
giants Warner-Lambert and Schering-Plough.
Meanwhile, America Online (AOL: news, msgs)
was lower in thin trading, yet the e-tailers have
begun posting gains with Priceline (PCLN: news,
msgs) and Amazon.com (AMZN: news, msgs)
seeing gains.
Flavor of the day
"It looks like drug stocks may be the flavor of the
day," said Alvin Rodolfo, Director of European
equities at S.G. Cowen.
Warner-Lambert (WLA: news, msgs) rose 5/8 to
68 3/4 and Glaxo Wellcome (GLX: news, msgs)
jumped 1 3/8 to 59 9/16. Schering-Plough (SGP:
news, msgs), however, garnered no trades and
was bid 1/8 lower than its 48 3/4 close.
Merck (MRK: news, msgs) was up slightly to 73 in
Instinet trading after the company announced early
Friday it received FDA approval for a pain reliever. Merck ended up 1
3/4 to 72 1/4 on Thursday.
Ciena gains
Ciena (CIEN: news, msgs) rose 1/2 to 26 7/8, according to market
maker Madoff Investment Securities. The company announced earnings
after the New York close on Thursday of 1 cent per share for the second
quarter, beating First Call estimates of a loss of 3 cents per share. See full
story.
GM rises
General Motors (GM: news, msgs) was up 1/4 to 80 3/8. The stock
gained on reports that Delphi Automotive (DPH: news, msgs) would
replace Moore Corp (MCL: news, msgs) in the S&P 500 Index. GM
retains an 82 percent stake in Delphi that it plans to divest to GM
stockholders. See Movers.
Internets mixed
AOL lost 7/8 to 128 5/8. The stock came under pressure on a research
report by Media Metrix that showed web portals lost visitors due to
increased competition, Reuters reported.
Yahoo! (YHOO: news, msgs) however gained 3/4 to 152 1/4. Amazon
(AMZN: news, msgs) had not traded. Priceline was up 2 5/8 to 137 and
Amazon edged up 3/16 to 131 in Instinet trading.
PC makers were mixed. Dell (DELL: news, msgs) was up 1/4 to 38 1/2
and Compaq (CPQ: news, msgs) was up 3/16 to 25 11/16. IBM (IBM:
news, msgs) was down 5/8 to 232 1/4.
Tomi Kilgore is an online reporter for CBS MarketWatch. |
