Updated from 12:37 p.m. EDT
Pfizer (PFE - Get Report) saw more than $14 billion lopped off its market cap Thursday after the drugmaker offered disheartening full-year earnings guidance and withdrew its estimates for the next two years.
By late afternoon, the stock was down $1.92, or 8%, to $22.05 in heavy trading, having fallen as low as $21.90. More than 95 million shares had been traded, easily surpassing the average daily volume of 24 million shares for a full session.
Pfizer said it now expects full-year earnings, excluding one-time items, to be in a range of $1.92 to $1.94 a share, down from its previous prediction of $1.98. Analysts polled by Thomson First Call also had been expecting $1.98 for the year.Shareholder sentiment soured further when the company said it was evaluating its financial prospects for 2006 and 2007 "in light of current and anticipated business conditions and are withdrawing our prior guidance for those years at this time." New guidance will be issued early next year. In July,