Waters' ($38; NYSE: WAT) shares weakened after several prominent drug companies announced that generic competition and a lack of new products will hurt 2002 results. Waters has ties to the pharmaceutical sector via its chromatography instruments, which are used to identify new drugs and assure the potency and purity of new pharmaceuticals. That's good news for Waters and should help lift the firm's bottom line at least 16% in 2002. Waters, trading at 26 times 2002 earnings estimates, is a top "buy."
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