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Perrigo (PRGO) Stock Falls as Jefferies Downgrades on Guidance Cut

NEW YORK (TheStreet) -- Perrigo (PRGO - Get Report) stock is slumping by 0.16% to $99.17 in pre-market trading on Tuesday after Jefferies downgraded shares to "hold" from "buy" given the company's guidance reduction on Monday.

Before Monday's market open, Perrigo announced that CEO Joseph Papa had resigned to take the top spot at rival Valeant Pharmaceuticals (VRX). The company also reduced its full-year earnings outlook, citing Rx pricing headwinds and a possible impairment charge within its branded consumer healthcare business, previously known as Omega Pharma.

"We're surprised on both fronts as management indicated as recently as Feb 18 that its Rx business wasn't facing...