Important note: Information in this article was accurate in 1991. The state of the art may have changed since the publication date.
The Associated Press; Saturday, November 9, 1991
Wall Street traders and analysts said the moves reflected speculation that the notoriety of the Los Angeles Lakers basketball star would lead to increased condom sales and AIDS research.
"It shows you how speculative our market is that there are these nitwits out there who want to own these stocks because Magic's got this awful disease," said Dudley Eppel, chief stock trader at Donaldson Lufkin & Jenrette Securities Corp.
Johnson, one of the most gifted and admired professional athletes of his time, stunned the nation Thursday by revealing he had tested positively for the virus causing AIDS, which saps the immune system and normally is transmitted through sexual activity or intravenous drug use. However, he does not yet have the disease.
Among the companies investors were interested in Friday were:
* Carter-Wallace Inc., the maker of Trojan and other condom brands estimated to control more than half the U.S. market; shares closed at $108, up $3.25 on the New York Stock Exchange.
* Immune Response Corp. of Carlsbad, Calif., which has been conducting research into the human immuno-deficiency virus since 1987; shares rose $3.50 to $57.50 in over-the-counter trading.
* Medimmune Inc. of Gaithersburg, Md., rose $2.25 to $52.75 in over-the-counter trading.
* Biogen Inc. of Cambridge, Mass., rose 75 cents to $44.25 in over-the-counter trading, more than double its price a year ago.
* Repligen Corp. of Cambridge was unchanged at $17.50.
* Genentech Inc. of South San Francisco, Calif., rose 37 1/2 cents to $35.12 1/2 on the NYSE.
* Chiron Corp. of Emeryville, Calif., fell 50 cents to $70.75, still nearly double its year-earlier price.
Copyright 1991/The Associated Press. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, The Associated Press, 50 Rockefeller Plaza, New York, NY 10020.
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Copyright © 1991 - Associated Press. Reproduction of this article (other than one copy for personal reference) must be cleared through the AP Permissions Desk.
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