Mead Johnson Slides To 52-week Low After Lowering Outlook

Shares of Mead Johnson Nutrition Co. fell to their lowest in a year on Wednesday after the baby formula company cut its full-year earnings guidance. Mead Johnson now expects 2015 adjusted earnings-per-share in a range of $3.63 to $3.78 versus its previous estimate of $3.90 to $4.00. "Strong sales of the recently launched imported products to China were insufficient to fully offset declines in the China-based manufactured products. Hong Kong cross-border sales stabilized, but were below prior year levels," said the company in a statement. Mead Johnson shares slid to their 52-week low of $83.50 earlier but are now off 3.6% to $84.99.