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Despite Revenue Growth, Invitrogen Stock Down 11 Percent on Profit Decline

NEW YORK, Oct. 28 (GenomeWeb News) - Shares in Invitrogen skidded 11.5 percent, or $8.17, at $62.61, in mid-afternoon trading after the company reported a profit decline in the third-quarter.

 

GenomeWeb News reported this morning that Invitrogen's third quarter revenues increased 13 percent over last year. However, a non-cash charge of around $5.2 million related to its recent acquisition of Dynal Biotech contributed to a 15 percent decrease in net income.

 

Research firm William Blair downgraded the stock from "outperform" to "market perform" today.