Glaxosmithkline plc (GSK) Stock Rises on Large Stock Buyback
Shares of drug maker GlaxoSmithKline PLC rose Wednesday following the announcement of a huge buyback that helped offset the effect of a Bear Stearns analyst downgrade.
Earlier in the day, the world's second-largest pharmaceutical company said its second-quarter profit edged 1.4 percent higher while revenue fell 2.4 percent. But shares rose after the company said it was doubling its stock buyback program to 12 billion pounds ($24.7 billion) through 2009.
Bear Stearns analyst Alexandra Hauber in a note to investors downgraded the stock to "Underperform" from "Peer Perform," partly citing the effect of blockbuster diabetes drug Avandia on earnings.
Earlier in the day, the world's second-largest pharmaceutical company said its second-quarter profit edged 1.4 percent higher while revenue fell 2.4 percent. But shares rose after the company said it was doubling its stock buyback program to 12 billion pounds ($24.7 billion) through 2009.
Bear Stearns analyst Alexandra Hauber in a note to investors downgraded the stock to "Underperform" from "Peer Perform," partly citing the effect of blockbuster diabetes drug Avandia on earnings.
Labels: Glaxosmithkline plc, GSK
posted by Stock Administrator @ 2:48 PM
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