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Two Research Firms Downgrade Beckman Coulter in Wake of Poor Earnings, Restructuring

NEW YORK, July 25 (GenomeWeb News) - Two research firms downgraded Beckman Coulter today, following the company's weak earnings report on Friday, in which it posted an 18-percent drop in earnings and disclosed that it would lay off 350 employees as part of a cost-cutting effort.

 

The firms, Wachovia and Leerink Swann, each downgraded Beckman to "Market Perform" from "Outperform."

 

Beckman's stock price has dropped by more than 17 percent since Thursday, when shares closed at $64.87. Shares were trading at $54.03 as of 2:30 EST Monday.