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. 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. 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. 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. 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. 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.