Shares of health-care companies declined as traders hedged their bets on the implications of a tax bill for the sector.
Teva Pharmaceuticals rallied after the Israeli drug maker said it would lay off as many as 14,000 people, or roughly one-quarter of its work force, as it cuts costs and focuses on fending off competition for some of its most profitable drug programs. Still, analysts at brokerage Wells Fargo warned that Teva risks cutting to the bone and damaging its long-term prospects.
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Rob Curran, email@example.com
(END) Dow Jones Newswires
December 14, 2017 17:24 ET (22:24 GMT)