GlaxoSmithKline Dips on Downgrade

Shares of GlaxoSmithKline(GSK Quote)slipped Friday after several analysts trimmed their 2004 earnings predictions and one analyst cut his rating on the London-based multinational drug company.

In early afternoon trading, shares of the company, which are traded as American despositary receipts, were down 96 cents, or 2.2%, at $42.43. The stock lost $1.76 Thursday after it released fourth-quarter and full-year earnings for 2003 and said that earnings per share in 2004 would be flat.

Vikram Sahu, a London-based analyst for Goldman Sachs, cut his rating late Thursday to outperform from in-line. Ten hours earlier, Sahu's initial report had maintained its pre-earnings release rating. ...