Baxter International (BAX) Falls to New Low on Disappointing Growth Forecast

We recently published Massive Sell-Off: 10 Stocks in a Bloodbath. Baxter International Inc. (NYSE:BAX) is one of the worst-performing stocks on Thursday.

Baxter International dropped its share prices to a new 52-week low on Thursday, as investors soured on its lower earnings growth forecast.

At intra-day trading, shares of Baxter International Inc. (NYSE:BAX) dropped to their lowest price of $21.47 before ending the day down by 22.42 percent at $21.76 apiece.

In a call with analysts, Baxter International Inc. (NYSE:BAX) said it lowered its adjusted EPS to between $2.42 and $2.52  from the $2.47 to $2.55. Analysts expected $2.52 per share.

“While we never want to lower expectations, our overall objective is reducing the outlook to capture more of the potential downside risks,” Baxter International Inc. (NYSE:BAX) CFO Joel Grade was quoted as saying, underscoring the demand weakness for IV fluids.

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In the second quarter of the year, Baxter International Inc. (NYSE:BAX) swung to a net income attributable to shareholders of $91 million from a $314 million net loss in the same period last year. Net sales inched up by 4 percent to $2.8 billion from $2.69 billion.