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

To: BigKNY3 who wrote (6271)	11/11/1998 8:13:00 AM
From: BigKNY3	Respond to of 9523

SunAmerica Fund Mgrs Brace For More Market Swings In 1999 11/10/98 Dow Jones News Service NEW YORK (Dow Jones)--Mutual fund managers of funds for SunAmerica Asset Management Co. are already positioning themselves for a volatile 1999. Many expect this year's stock market zigzags to continue to haunt investors well into next year. U.S. economic growth is seen slowing, while interest rates around to globe are expected to fall. "Nineteen ninety-eight will be remembered as the year of global growing pains," Francis Gannon, vice president and portfolio manager of Sun America's large-cap equity funds, said at the company's annual equity outlook. "As we look ahead to 1999, I expect more of the same: continued pains on a global basis." Gannon expects the U.S. economy to grow at a slower pace of around 1.5% to 2.0% in 1999. So, in order to make up for the pullback, he's buying blue-chip companies that he thinks will deliver double-digit earnings growth in the future. Gannon likes pharmaceutical companies that are developing new products, like Schering-Plough Corp. (SGP), as well as companies that are leaders in their markets, such as storage company EMC Corp. (EMC). In the financial sector, Providian Financial Corp. (PVN) looks attractive because revenues are growing at three to four times the rate of assets, he said. The stock, meanwhile, is trading at 19 times its estimated 1999 earnings. Telecommunications giant AT&T Corp. (T) also looks like a winner because the company is exploiting new markets, such as the cellular phone industry, he added. Elizabeth Bramwell, one of three managers who sub-advises the SunAmerica Style Select Focus Portfolio, expects U.S. interest rates to continue to slide. She's looking for companies that will benefit from this trend. Pfizer Inc. (PFE) is one of her favorites. "Even though Pfizer is selling at twice the growth rate of around 20%, we still think the stock can grow given this low interest rate environment," she said. In the small-cap arena, she likes Cardinal Health Inc. (CAH) - a pharmaceutical company that dispenses drugs like an automated teller machine, she said. The U.S. isn't the only country where rates are expected to continue to fall. Many European countries - especially those that want to participate in the Europe's Economic and Monetary Union - are going to have to lower their interest rates in the countdown to EMU, said Michael Levy, co-lead portfolio manager the BT Investment International Equity Fund and one of three sub-advisers for SunAmerica's Style Select Series International Equity Portfolio. "EMU is going to be a major driver for the re-galvanizing of the European competitive corporate entity," Levy said. Some companies will become winners, others losers, but for investors, EMU spells big opportunities, he said. Levy likes European companies involved in urban services like France's Suez Lyonnaise des Eaux S.A. (F.SLX) - the leading water treatment and distribution company. In telecommunications, he likes Telecom Italia Mobile S.A. (I.TIM) and Portugal's Telecel-Comunicacoes Pessoais S.A. (E.TLE) because of their leadership positions in the cell-phone market. Levy isn't upbeat about Japan and is shying away from many markets in Latin America, especially Brazil. "There are pockets of opportunity, but we're still cautious on the asset class," he said of investing in emerging markets.

To: BigKNY3 who wrote (6271)	11/11/1998 8:25:00 AM
From: BigKNY3	Read Replies (1) \| Respond to of 9523

Inhale Therapeutic: Phase III Inhaled Insulin Trials Begin SAN CARLOS, Calif. (Dow Jones)--Pfizer Inc. (PFE) began phase III trials of Inhale Therapeutics Systems Inc.'s (INHL) pulmonary insulin-delivery system. In a press release Tuesday, Inhale said phase II trials showed inhaled insulin is as effective as injected insulin and that adding inhaled insulin produces significantly better control for patients not well-controlled by oral agents. Phase III trials will further evaluate the clinical efficacy and safety of the treatment. Inhale expects the trials to include type 1 and type 2 diabetics at 117 sites. Pfizer and Hoechst AG's (HOE) Hoechst Marion Roussel AG unit recently agreed to develop and promote the inhalable insulin product based on Inhale's delivery system. Inhale develops pulmonary delivery systems