1.   Drug stocks fell after an analyst at Banc of America Securities recommended that investors pare holdings in pharmaceutical companies.

2.   Investors pared bond holdings that week, the Arcata, California-based firm said.

3.   Investors pared their holdings in stocks that may have risen farther than justified by the economic and business outlook.

4.   Investors have sharply pared the stock-price multiples on those once high-flying companies and the immediate future could remain rough.

5.   The dollar fell against the yen as U.S. Treasury bonds dropped for a fourth day, raising concern that global investors will pare their U.S. holdings.

6.   While investors were paring back holdings in many companies today, they exhibited an appetite for some of the newest stocks on the market.

7.   Yet some investors have pared equity holdings in favor of bonds, given the gains so far in the stock market and prospect for low inflation.