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Glaxo Deals Blow To Professional Detailing.(A)(ECON2)
NEW YORK (Reuters) - Drug marketing company Professional Detailing Inc.'s shares dropped 43% on Friday as giant British drug maker GlaxoSmithKline PLC ended a marketing contract.
Professional's shares were slammed 44 1/2, or 44%, to 56 7/8. The shares have a52-week trading range of 142 to 18.
The stock skidded after Professional, which pharmaceutical makers hire to sell their drugs, said GlaxoSmithKline canceled a fee-for-service sales and ma
rketing contract for respiratory, central nervous system and anti-infective drugs.
The cancellation prompted Professional to cut its projection of 2001 earnings by 35-40 cents a share.
Analysts on average had projected earnings of $2.81 a share for 2001, accordingto First Call/Thomson Financial.
Upper Saddle River, N.J.-based Professional will not report 2000 results until later this month, but analysts are expecting $1.91 a ...
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