Baxter Cuts 2003 Forecast; Stock Sinks
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Baxter International Inc., which makes blood components for life-threatening conditions such as hemophilia, cut its earnings forecast for 2003, citing slower sales and increased competition for its biggest-selling products.
The warning, which drove Baxter’s shares down 21%, came a day after the company said the federal government subpoenaed documents in connection with the deaths of about 50 patients treated with its contaminated kidney dialysis machines.
The company said it expected earnings of 36 cents to 38 cents a share in the first quarter and earnings of $2.10 to $2.20 for the year.
Shares of Deerfield, Ill.-based Baxter fell $5.67 to $21.60 on the NYSE.
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