Market chops 21% off head-in sand Hospira as it slashes its 2011 revenue forecast
This article was originally published in Scrip
US-based firm Hospira, a maker of injectable pharmaceuticals and hospital products, saw $1 billion wiped off its market cap after it drastically cut its forecast for the year. Investor disappointment seems to have been exacerbated by a sense of bewilderment that Hospira had not revised its estimates earlier, or acknowledged that issues which arose in 2010 might have affected earnings.
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