Shares of Novo Nordisk (NYSE: NVO) are plunging on Tuesday, down 21% as of 2:10 p.m. ET. The drop comes as the S 500 (^GSPC) and the Nasdaq Composite (^IXIC) both lost 0.3%.

The Danish pharmaceutical giant announced it was cutting its full-year guidance ahead of its upcoming earnings on Aug. 6. The news overshadowed the company's appointment of a new CEO.

On Tuesday, Novo Nordisk named Mike Doustdar as the company's new CEO. He'll begin his tenure on Aug. 7, just months after the unexpected removal of its previous CEO, Lars Fruergaard Jørgensen.

Continue reading

Source Fool.com