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.
More Quotes and News: Bankamerica Corp (NYSE:BAC - news) Chase Manhattan Corp (NYSE:CMB - news) Citicorp (NYSE:CCI - news) J.P. Morgan & Co. Inc (NYSE:JPM - news) Merck & Co Inc (NYSE:MRK - news) Pfizer Inc (NYSE:PFE - news) Schering-Plough Corp (NYSE:SGP - news) Warner-Lambert Co (NYSE:WLA - news)