Health Winners & Losers: Genentech

Health stocks - like the rest of 'em - were battered on Wednesday despite promising earnings from a few early reporters.

The Nasdaq and Amex biotechnology indices were down 7.9% and 6.3%, respectively - slightly less than the broader market indicators.

In earnings, Genentech(DNA Quote) shares added $2.38, or 3.0%, to $81.50 a day after the company kicked off biotech earnings season with its third quarter results. Sales of its lead products surpassed expectations. Genentech -- which didn't talk about a possible buyout by Roche on its earnings call -- garnered upgrades from Citi and Cowen and Co. on Wednesday.

Wednesday before market open, Abbott(ABT Quote), which beat on the top and bottom line, also upped its full year guidance by about 11 cents to a range of between $3.31 and $3.33.

Abbott's shares were down 90 cents, or 1.6%, at $53.88, in recent trading. But the stock still out performed the Amex pharmaceutical index (of which it is a component); the index lost 6.3%.

St. Jude(STJ Quote) also edged past top line estimates, with revenue increasing 17% to $1.08 billion, and guided to a range of $2.30 to $2.32 a share for the year, roughly in line with analyst estimates. Shares were off by 49 cents, or 1.3%, at $37.26.

Coming up Wednesday after the close post-market close, earnings from Amylin(AMLN Quote). Analysts, on average, expect a loss of 50 cents a share, on revenue of $229.8 million.

On Thursday, look for earnings from device and pharmacy company Baxter(BAX Quote)before market open and biopharma companies Gilead(GILD Quote) and Cubist(CBST Quote) after the close.