Market Preview: A Cautious Advance
The two companies were partners on the drug's development as was Elan(ELN) , which has a 49.9% interest in Janssen AI, the J&J unit that was working with Pfizer on the drug. Elan shares were falling more than 8% in late trades to $10.30 on volume of close to 700,000.
Elan said it expects to record a non-cash impairment charge of $117.3 million in the third quarter to write down the entire value of its Janssen AI investment.
Pfizer shares were last quoted at $23.80, down 1.9%, on volume of nearly 200,000, according to Nasdaq.com, while J&J's stock was sliding less than 1% at $63.80 on volume of more than 125,000.
Leap Wireless(LEAP) was also a big mover to the downside, tumbling more than 10% after the company reported a wider than anticipated loss in the second quarter.
The San Diego-based provider of wireless communications services posted a loss of $46 million, or 54 cents a share, on revenue of $786.8 million, missing the average estimate of analysts polled by Thomson Reuters for a loss of 50 cents a share on revenue of $836.3 million.
--Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.