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

To: BigKNY3 who wrote (6505)	12/17/1998 1:42:00 PM
From: BigKNY3	Read Replies (1) \| Respond to of 9523

Iraq, Impeachment Won't Hurt Mkts Long-Term, Money Mgr Says NEW YORK (Dow Jones)--U.S. strikes on Iraq and Congress' pending impeachment vote are merely causing short-term volatility in financial markets with little or no impact on the long-term, a U.S. portfolio manager says. "The two fundamental drivers of the market on the longer-term basis are really earnings or cash flows and then the inflation or discount rate," INVESCO Growth Fund portfolio manager Trent May said in a interview with CNBC on Thursday. May said he doesn't see the recent events in the Middle East and political struggles in Washington D.C. affecting cash flows or inflation. Separately, he said some areas of the market are more attractive for investors than others. "The S&P 500 is really split between the haves and have-nots right now," May said. "We think active management is the way to go for the next 12 months." The portfolio manager sees strong growth in the technology and pharmaceutical industries. He recommends Altera Corp. (ALTR) in the semiconductor group because the company is the "market leader in the programmable logic space." In the pharmaceuticals sector, May said he likes Pfizer Inc. (PFE) because the company has a strong management team and is the partner of choice for a number of companies. May also like the "turnaround story" at PepsiCo Inc. (PEP) as the company shifts its focus to its snack foods business, which has higher returns on invested capital.