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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: HeatherN who wrote (42371)	5/28/1999 8:19:00 AM
From: kendall harmon	Respond to of 120523

DRUGS may go today--note that LLy and PFE are up in LONDOn and that AHP/IMNX were granted FDA approval this morning for their juvenile rheumatoid arthritis application for enbrel. NEW YORK (CBS.MW) -- U.S. stocks are slightly higher in London in pre-open trade Friday, with bellwethers IBM and America Online seeing slight gains. But U.S. shares may be victim to more follow-through selling once liquidity increases, said traders in London. America Online (AOL: news, msgs) rose 3/8 to 116 3/8 and IBM added 1/2 to 116 1/2 in thin trading, according to market makers at Madoff Investment Securities in London. Late Thursday, America Online filed a shelf registration with the Securities and Exchange Commission for up to $5 billion in common and preferred stock, debt securities, and depository shares and warrants. General Motors (GM: news, msgs) shares are called to open down 12 3/8 to 70 1/2, said Art Hogan, chief market analyst at Jefferies & Co., but the value of shares is not affected as stockholders will receive a one-time payout for the spin-off of its Adelphi unit. The drop in price of GM stock, a Dow component, will not affect the price of the index, as these "payments" to shareholders are included in the valuations, said Hogan. Intel gained 1/2 to 53 5/8 in London. The semiconductor sector was one of the few that turned in a positive performance in Thursday's broad-market sell-off. PaineWebber traded up 1 9/16 to 46, according to Hogan. The securities company will replace Bankers Trust in the S&P 500 index on June 4. Among pharmaceuticals companies, Pfizer (PFE: news, msgs) advanced 1/8 to 104 in London, and Eli Lilly (LLY: news, msgs) rose 1/4 to 69 1/4.