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Teva Pharmaceutical Will Bounce Big Soon for Traders: Chart

Shares of healthcare player Teva Pharmaceutical Industries (TEVA) are plunging again on Friday, after a monster gap-down on Thursday with heavy volume. The selloff Friday morning is pushing the stock into levels not seen in over a decade.

This stock was massacred lower on Thursday, after the generic drug player reported worse-than-expected results for the second quarter. The company said that profits declined to $1.04 billion, or $1.02 per share, which was well below last year's second-quarter results of a profit of $1.23 billion, or $1.25 per share.

Revenues for the second quarter jumped 12.9%, to $5.69 billion, which topped last year's results of $5.04 billion. However, Teva Pharmaceutical slashed its 2017 earnings forecast to a range of $4.30 to $4.50 a share from $4.90 to $5.30 a share, and cut its quarterly dividend to around 8 cents per share from 34 cents per share.

The company blamed its generic business issues on accelerated price erosion and decreased volume, due to customer consolidation, increased competition from increased FDA generic drug approvals and delayed product launches.

At last check, shares of Teva Pharmaceutical are down by 8.2%, to $21.78 a share, in early trading...


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