UPJOHN, SYNTEX, SCHERING LEAD DRUG STOCKS; COMPOSITE AHEAD OF DOW

Executive Summary

Upjohn (up 5-1/4 to 134), Syntex (up 4-5/8 to 46) and Schering-Plough (up 4-3/4 to 63-3/4), led a broad advance among Pharmaceutical stocks on the "F-D-C" Index during the week ended Jan. 31. Upjohn, which had traded in the $140 range in December, made up some of its lost ground. Schering announced on Jan. 28 its plan to repurchase up to $300 mil. of its outstanding common stock. Marion (up 4 to 54-7/8) rose sharply on continued solid second quarter sales and earnings reported the previous week. Other point-plus advancing issues in the Pharmaceutical group included Abbott (up 4 to 68-3/4), SmithKline (up 3-3/4 to 78-3/4), Squibb (up 2-5/8 to 81), and Merck (up 2-1/4 to 137-5/8). Overall, advancing issues on the Index outnumbered decliners almost three to one, helping the Composite establish a yearly high. The Composite's 3.5% increase was well ahead of the Dow Jones average, which in turn, rose 2.7% on an 18.81 point gain to close at 1,540.99. Chart omitted.