Why Mallinckrodt Stock Is Dropping Today
Shares of Mallinckrodt (NYSE: MNK) were dropping by 11.2% as of 1:43 p.m. EDT on Tuesday. The big decline came after the drugmaker reported its second-quarter results before the market opened and announced that it was suspending its effort to spin off its specialty generics business.
Mallinckrodt actually had some good news with its Q2 results. The company announced better-than-expected revenue of $823.3 million. It achieved year-over-year adjusted earnings growth of 17%. Mallinckrodt beat Wall Street earnings estimates to boot.
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