Medical device maker
fell nearly 11% for the week after the
Food and Drug Administration
decided the company's Lake County, Ill.-based diagnostic manufacturing plant didn't meet quality standards. The FDA originally gave Abbott a timetable to fix the problem back in 1999, but the company failed to meet the agency's expectation. A.G. Edwards analyst Jan Wald, who lowered his rating on Abbott to hold from strong buy on the news, said, "They've already spend $100 million trying to bring their manufacturing processes up to compliance. And now, you don't know how much more it will cost them." Abbott said it could not estimate the financial impact of the news until it has had time to review the formal FDA report.