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Biotech / Medical : Biotech Stock Picking - 2002 -- Ignore unavailable to you. Want to Upgrade?

To: Julius Wong who wrote (149)	1/22/2002 9:11:46 AM
From: Arthur Radley	Respond to of 308

9:09am 01/22/02 Move tech profits into drugs: Merrill ($DRG, $MSH, $SPX) By Tomi Kilgore Richard Bernstein, chief quantatative strategist at Merrill Lynch, recommended investors book profits in technology stocks, and reallocate the funds into the drug sector. "Technology valuations, which were never terribly conservative to begin with, are now clearly stretched to bubble-like levels even on a relative basis," Bernstein said in a note to clients. "On the other hand, the relative valuation of drug stocks is extremely conservative." As of Friday's close, the Morgan Stanley High Tech Index ($MSH) had risen 36 percent since the end of September, versus a 3.8 percent decline in the Amex Pharmaceutical Index ($DRG) and an 8.3 percent increase in the S&P 500 Index ($SPX) .