Sector Snap: Generic Drugmakers Trade Sideways

NEW YORK (AP) — Shares of companies that make generic drugs were little changed Thursday morning following President Obama's address on health care reform.

Reform efforts are not likely to have a large impact on the industry, although if more people are insured, more will have access to the companies' products. Pharmaceutical stocks have traded higher in 2009, and shares of three major generic companies have outperformed most of their rivals.

In morning trading, shares of New York-based Forest Laboratories Inc. rose 21 cents to $29.40. The stock has gained 15 percent so far this year.

Shares of Israel's Teva Pharmaceutical Industries Ltd., the world's largest generic drugmaker, slipped 7 cents to $52.34. Teva shares are up 23 percent this year.

Mylan Inc. stock rose 30 cents, or 2.1 percent, to $14.71. In the year to date, shares of the Pittsburgh company are up 46 percent.

Elsewhere, the broader markets zigzagged in a tight range as a better-than-expected jobs report was offset by a downbeat forecast from Monsanto Co.