Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

ST Robinson Lowers Chattem to 'Equal-Weight'


ST Robinson Humphrey downgraded Chattem (CHTT) to equal-weight from overweight.

Analyst William Chappell says Kemper Insurance has sued Chattem, the maker of diet drug Dexatrim, seeking to rescind $50 million of excess product liability coverage, which was expected to be available to pay settlements related to outstanding Phenylpropanolamine litigation. He says while the suit might succeed, it could create a funding overhang which could impact Chattem's ability to make acquisitions in the near term. Chappell notes Chattem also cut the third-quarter estimate based on weaker Dexatrim and topical analgesic sales.

He cut the $1.21 fiscal 2003 (Nov.) earnings per share estimate to $1.17, and cut the $1.35 fiscal 2004 estimate to $1.30.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus