BUZZ-Zoetis Inc: Stock falls on chatter that Valeant deal unlikely

Fri Jun 26, 2015 11:48am EDT
 
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** Zoetis down 10.7 pct at $49.48 on chatter that deal with Valeant Pharmaceuticals was unlikely

** Stock on track for its worst intraday pct fall ever amid heavy trading, but rebases to price before WSJ's takeover report

** Zoetis shot up towards the end of trading Thursday, closing up 11.4 pct, on WSJ report that Valeant has approached the animal health company

** Gabelli & Co analyst Kevin Kedra says stock movement reversed on Thursday after media reports surfaced about the deal being unlikely (bit.ly/1GNZYQS)

** Valeant U.S.-listed shares down about 2.3 pct at $227.96

** Over 11 mln Zoetis shares traded vs 25-day avg of about 3 mln; stock on course for busiest day since November

** Zoetis second-biggest percentage loser on the S&P 500 index ; its 29 pct rise this year had easily outstripped the index's 2 pct gain