Newspaper article St Louis Post-Dispatch (MO)

Pharmaceuticals Give Dow Average a Boost

Newspaper article St Louis Post-Dispatch (MO)

Pharmaceuticals Give Dow Average a Boost

Article excerpt

Drug shares led stocks higher Monday on a perception that drug companies' earnings will be among the most dependable as the economy slows.

The Dow Jones industrial average rose 19.75 to 6041.68, paced by General Motors Corp. GM rose 1 5/8 to 55 5/8, and Ford Motor Co. gained 1 to 31 1/2. Chrysler Corp. fell 1/8 to 33 3/8.

Ralston Purina shares rose 2 1/8 to 72 after BT Securities Corp. raised the food processing company to "buy" from "market perform," and raised fiscal 1996 and 1997 earnings estimates. Telecom shares were mixed after MCI Communications Corp. agreed to be acquired by British Telecommunications PLC. MCI shares closed well below the takeover price amid shareholder concern that the $25.5 billion acquisition will face roadblocks put up by AT&T Corp. and other rivals. MCI rose 1/2 to 30 3/4, $8.75 below BT's offer, which is valued at $39 a share at Monday's closing price. Investors are concerned that U.S. regulators will give the transaction a lengthy review. …

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