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Drug Stocks Will Only Do Well if We Have Doom and Gloom: Analyst

Wed 08 Feb 12 | 02:30 AM ET
Jack Scannell, research analyst at Sanford C. Bernstein, told CNBC, "if you are a macro bull you wouldn't want to earn drug stocks, if you are a macro bear you would. The second half of 2011 was a very good time for drug stocks, not because the fundamentals of the pharmaceutical sector were getting better, but because they bottomed out, expectations were low, dividends yields were 4 to 5 percent and medium term earnings were highly predictable.
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