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Валгрин Ко. Message Board

  • kmmoreland kmmoreland Jan 12, 1998 10:19 AM Flag

    Are you sure about Asia?

    Walgreen's has an investment in a partnership with three Japanesse companies last year. Can anyone refresh my memory about this?

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    • Monday January 12, 11:03 am Eastern Time

      Money center banks off, drugs stocks gaining

      NEW YORK, Jan 12 (Reuters) - Shares of banking stocks were having a rough time amid a stock market selloff on
      Monday but stocks of large pharmaceutical companies were faring well.

      In the banking sector, Citicorp (NYSE:CCI - news) was lower after Salomon Smith Barney downgraded the stock.
      Shares were down 2-5/16 to 112-3/4. Also lower were BankAmerica (NYSE:BAC - news), J.P. Morgan (NYSE:JPM
      - news) and Chase Manhattan Corp (NYSE:CMB - news; CMB.N.).

      Meanwhile pharmaceutical shares seemed to be holding up, with Merck and Co Inc (NYSE:MRK - news) the star
      Dow component of the morning. Shares were up 1-3/8 to 104-2/12.

      Also higher were Pfizer Inc (NYSE:PFE - news), up 1-10/16 to 75-9/16 Schering-Plough Corp (NYSE:SGP - news),
      up 1-2/16 to 62-13/16, and Warner-Lambert Co (NYSE:WLA - news), up 1-1/8 to 122-1/4.

      The pharmaceutical sector tends to be less exposed to economic cycles because people buy medicine even as
      they cut back on leisure products, and also because the sector is often more dependent on its own product
      cycles than economic cycles.

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