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  • Yankees07 Yankees07 Jan 12, 1998 12:37 PM Flag

    Are you sure about Asia?

    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.

    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)

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