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Byline: CRAIG SHAW
Blue chips succumbed to late selling to close the week with losses. The Dow shed 0.4% Friday, the S&P 500 0.6%. For the week, the Dow lost 2.4%, the benchmark index 2.9%. Both gave up ground for the month.
PacifiCare Health Systems plunged through its 50-day moving average for the first time in 11 weeks, sinking 3.24 to 35.76. Volume more than doubled. The California-based managed care provider beat first-quarter profit views and raised its full-year estimate, but said its medical loss ratio worsened on rising Medicare costs. Year-over-year revenue growth ranged from flat to 8% the past three quarters.
Allergan dropped 3.30 to 88.05 on the heaviest turnover since early February. The eye care products maker topped first-quarter profit views by a penny a share, citing strong sales of wrinkle treatment Botox. But it lowered its revenue outlook for skin creams Tazorac and Avage by $15 million. Its second-quarter outlook of 61-62 cents a share falls below Wall Street views.
Fair Isaac gapped down ...