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Byline: JONAH KERI
NYSE stocks fell sharply Thursday, a day after the Federal Reserve's quarter-point rate hike. The Dow and S&P 500 each fell 1%, the small-cap S&P 600 1.3%. Volume tailed off late, ending about even with Wednesday's level, and above average.
Cardinal Health imploded, diving 17.19, or 25%, to 52.86. The distributor of pharmaceuticals and medical supplies took out its 50- and 200-day moving averages. It traded 35.5 million shares vs. its average daily volume of 2 million.
The company slashed its earnings forecast and said the U.S. attorney's office has joined the SEC in investigating how Cardinal classifies certain revenue. Cardinal said fiscal 2004 earnings will rise by 11% vs. its previous forecast of growth in the midteens.
Charles River tanked 5.65 to 43.22 on enormous volume. Investors slammed the distributor of pathogen-free, fertilized chicken eggs to poultry vaccine makers after the firm agreed to buy Inveresk Research for $1.5 billion in stock and cash. Charles River, which broke out and hit a new high Wednesday, tumbled below its 50-day Thursday.
Monsanto also gave back its breakout a day later, ...