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Wyeth tumbles, weighing on pharma
BOSTON Jan. 31, 2005 -- Biotechnology and pharmaceutical indexes gained
ground Monday morning, while shares of Wyeth tumbled on weaker-than-expected
earnings.
The Amex Biotechnology Index climbed 1.1 percent to 525.46 as the Amex
Pharmaceutical Index rose fractionally at 301.51.
Wyeth (WYE) saw its shares lose 6.4 percent to $40.26 after the troubled
drug maker reported lower than-expected quarterly results. Wyeth said its
adjusted earnings totaled 64 cents a share, compared with 60 cents for last
year. A poll of Thomson First Call analysts put the average Wall Street
estimate at 67 cents a share.
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