Syncor Loses Hospital Supply Contract

Syncor International Inc. shares fell 13% after the company said it lost a contract to supply about 1,800 hospitals with drugs used to diagnose illnesses. Shares fell $1.625 to close at $11.25 in Nasdaq trading. The Chatsworth-based distributor of radiopharmaceuticals, which are compounds used to diagnose cancer and heart disease, said Premier Inc. canceled the contract effective March 31. Premier is a purchasing group representing about 1,800 mostly nonprofit U.S. hospitals. With the cancellation, Syncor said it expects to lose $1 million to $2 million in pretax profits.