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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (2249)	5/8/1998 2:29:00 PM
From: Perry	Read Replies (1) \| Respond to of 9523

Everyone has probably seen this but here's some more good press regarding the drug sector. Perry +++++++++++++++ Friday May 8, 1:46 pm Eastern Time Drug stocks play catch-up after recent weakness NEW YORK, May 8 (Reuters) - Drug stocks rebounded Friday, boosted by a rally in the broader market and investors switching money back into pharmaceuticals after the sector's recent fallback, analysts said. The Standard & Poor's pharmaceutical stocks index was up 2.58 percent, outpacing the 1.22 percent advance in the Dow and the S&P500 index's 1.43 percent gain. ''The drug stocks have been a little weak in the last few days, so I think it's just a little rotation back in in a strong market,'' said Alex Zisson, a drug stocks analyst at Hambrecht & Quist. The Dow industrials rallied more than 100 points on Friday as Wall Street breathed a sigh of relief after the April payrolls data were released. Investors felt the data would help stop the Federal Reserve from raising rates at its next policy meeting on May 19. Dow component Merck & Co. (MRK - news) was up 3-3/8 at 118-3/8. ''We are seeing rotation back into the drug sector because we had seen it pull back in the past week,'' said Jeffrey Kraws, a pharmaceuticals analyst at EVEREN Securities Inc. The sector had eased after a strong run-up. But some analysts said the drug sector, seen as a defensive group of stocks, can benefit from worries about possible rate increasesin a robust U.S. economy. ''If there is any fear of interest rates or inflation, the drug companies are the places to be,'' Kraws said. Schering-Plough Corp. (SGP - news) was up 1-13/16 at 83-7/8. Johnson & Johnson (JNJ - news) gained 1-13/16 to 71-5/16. Pfizer Inc. (PFE - news) was up 3-13/16 at 110-3/4. American Home Products (AHP - news) advanced 6/16 to 45-13/16.