Subject: Intel Tumbles, Pulling Technology Issues Lower 
Date: Published: 11/22/88 51 lines
Source:  Wall Street Journal.  Copyright Dow Jones & Co. Inc. 

    OTC Focus:  
    Intel Tumbles, Pulling Technology Issues Lower
    ----  
    By William Power
    Staff Reporter of The Wall Street Journal

    NEW YORK -- Giant Intel Corp. -- one of the
 over-the-counter market's prized stocks -- tumbled 14.6% on
 record volume of about 13.3 million shares.  Intel's plunge,
 in response to a negative news announcement, dragged scores
 of other OTC technology stocks lower in panicky trading.
    The ferocity with which portfolio managers dumped their
 Intel holdings stunned even veteran OTC traders who have seen
 the market's big technology stocks hammered since the summer.
 The action was another demonstration of how little tolerance
 the markets have for bad news these days, and particularly
 how jumpy the OTC market is.

[72 lines irrelevant to AIDS have been removed. -- sysop]

    Stocks of two drug companies that last week were hit with
 disappointing news about their AIDS-related medications
 continued to trade actively.  The stocks -- Newport
 Pharmaceuticals International and Imreg Class A -- last week
 were Nasdaq's two biggest decliners in percentage terms.
    Newport, which was halved to 2 7/8 on Friday, yesterday
 lost 1/8 to 2 3/4 on 291,400 shares.  And Imreg, which dropped
 3 1/2, or 44%, to 4 1/2, on Friday, lost 3/8 to 4 1/8 on 1.1
 million shares.  As previously reported, Newport dropped plans
 to seek federal approval of its drug Isoprinosine for use in
 certain pre-AIDS conditions; Imreg, meanwhile, was hammered
 by the decision by a Food and Drug Administration committee
 to hold back distribution of the company's Imreg-1 AIDS drug.
    Yesterday, Imreg said the FDA staff had "seriously
 misinterpreted" the objectives and outcome of the company's
 clinical trials for Imreg-1 in treatment of AIDS and
 AIDS-related complex.  Imreg said the FDA had "compounded this
 error by applying incomplete and incorrect analysis to the
 data."

[29 lines irrelevant to AIDS have been removed. -- sysop]


[This article is made available here by Dow Jones Co. for the 
personal and non-commercial use of callers to this bbs, in the 
hope that it will be of some help to those who are suffering 
from the disease and others who are seeking to help them.]